私募股权投资、制度环境与股价崩盘风险

摘要/Abstract

摘要：

本文选取2010-2016年我国深圳创业板上市公司为样本，研究了私募股权投资对股价崩盘风险的影响，并进一步考察了制度环境对两者关系的影响。研究发现，私募股权投资参与的企业其股价崩盘风险明显低于无私募股权投资参与的企业，且随着私募股权投资持股比例的增加，公司的股价崩盘风险下降；从私募股权投资背景来看，外资或国有背景的私募股权投资更能显著降低被投资企业的股价崩盘风险。进一步探究发现，在降低股价崩盘风险方面，私募股权投资与制度环境之间存在互补关系。因此，文章补充了私募股权投资公司治理作用的研究文献，对企业与政策制定者具有一定的参考意义。

关键词: 私募股权投资, 股价崩盘风险, 制度环境

Abstract:

This paper selects GEM listed companies in China from 2010 to 2016 as sample to study the impact of private equity investment on stock price crash risk. Furthermore, we test whether this relationship is different among different institutional environments. The results show that of companies with private equity investment face significantly lower stock price crash risk than companies without private equity investment, and the higher proportion private equity investment makes up in a company, the less likely the company is to suffer stock price crash risk. So far as the source of private equity investment is concerned, the private equity investment from foreign capital or state-owned enterprises can reduce the stock price crash risk more significantly. Further study finds that in private equity investment and institutional environment play an inter-complementary role in reducing the risk of stock price crash. Therefore, this paper enriches the research literature on the corporate governance effect of private equity investment and has certain reference significance for enterprises and policy makers.

Key words: private equity funds, stock price crash risk, the institutional environment

王晶晶, 刘沛. 私募股权投资、制度环境与股价崩盘风险[J]. , 2020, 32(2): 63-75.

Wang Jingjing, Liu Pei. Private Equity Funds, Institutional Environment and Stock Price Crash Risk[J]. , 2020, 32(2): 63-75.

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