证券市场导报Issue(12)：54-67,14.
机构投资者退出威胁如何促进金融市场稳定?
摘要
Abstract
Based on the sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchange from 2007 to 2021,this paper investigates how the threat of exist by institutional investors contributes to financial market stability from the perspective of stock price crash risk.The study finds that the threat of exist by institutional investors can significantly curb stock price crash risk,and the findings remain robust after controlling for possible endogenous problems.The mechanism analysis finds that the threat of exist by institutional investors can effectively curb stock price crash risk by reducing agency costs and the optimism bias of analysts'earnings forecast.Further investigation finds that the inhibitory effect of the threat of exist by institutional investors on stock price crash risk is more significant for listed companies with higher media attention and is substantially weakened for listed companies with CEO duality.This study reveals the key role played by the threat of exit by institutional investors in curbing stock price crash risk,which has important reference value for strengthening the financial stability protection system.关键词
机构投资者/退出威胁/股价崩盘风险/金融市场稳定Key words
institutional investor/threat of exit/stock price crash risk/financial market stability分类
管理科学引用本文复制引用
陈作华,郭春萌,葛锐..机构投资者退出威胁如何促进金融市场稳定?[J].证券市场导报,2023,(12):54-67,14.基金项目
山东省自然科学基金项目"薪酬差距、超额薪酬对高管减持行为的影响机理及监管对策研究"(项目编号:ZR2022MG038) （项目编号:ZR2022MG038）
国家社科基金一般项目"制药企业研发风险的资本对冲机制与知识资产积累研究"(项目编号:19BGL252) （项目编号:19BGL252）
