财经理论与实践2017，Vol.38Issue(1)：80-87,8.
财务重述、管理层权力与股价崩盘风险：来自中国证券市场的经验证据
Financial Restatements,Managerial Power and Stock Price Crash Risk:Evidence from Chinese Security Markets
摘要
Abstract
Stock market volatility led investors and regulators to be concerned about the stock price crash risk.From the view of financial restatements which reflect the low quality of financial information and corporate governance failures,we discuss its impact on the stock price crash risk.Combined with the managerial power which is one of the features of the agent that can affect the organizational behavior and output capacity,we explore its effect on the relationship between financial restatements and stock price crash risk.Our empirical research suggests that,compared to the company which the financial restatement did not occur,the company which restates its fi-nancial reports faces a greater risk of the stock price crash;with including the agent feature--man-agerial power,the results indicate that this feature of the agent plays a significant role in promo-ting the above-mentioned relationship.关键词
财务重述/信息隐藏/信息透明度/信息不对称/管理层权力/股价崩盘风险Key words
financial restatements/information hiding/information transparency/information asymmetry/managerial power/stock price crash risk分类
管理科学引用本文复制引用
谢盛纹,廖佳..财务重述、管理层权力与股价崩盘风险：来自中国证券市场的经验证据[J].财经理论与实践,2017,38(1):80-87,8.基金项目
国家自然科学基金项目(71462014、71162010) （71462014、71162010）
