巢湖学院学报2025，Vol.27Issue(1)：28-39,12.DOI:10.12152/j.issn.1672-2868.2025.01.005
可用冗余对股价崩盘风险的影响研究
Research on the Influence of Available Slack on Stock Price Crash Risk:From the Perspectives of Organization Theory and Agency Theory
摘要
Abstract
This study selects manufacturing firms from all A-share listed companies in China between 2011 and 2023 as research samples,to empirically examine the impact and underlying mechanism of available slack on stock price crash risk.The findings indicate a significant positive correlation between available slack and future stock price crash risk;this positive relationship remains significant even after a series of robustness tests.Regression analysis reveals that under the"agency cost",available slack raises the risk of stock price crash by increasing a-gency cost.Heterogeneity analysis suggests that the effect of available slack on stock price crash risk is more pro-nounced in firms with greater executive power,more dispersed equity,and lower external audit quality.This re-search provides fresh empirical evidence for the economic implications of available slack,and has practical signifi-cance for Chinese firms in determining the optimal reserve level of slack resources and enhancing the management of such resources.关键词
股价崩盘风险/可用冗余/代理成本/制造业企业Key words
stock price crash risk/available slack/agency cost/manufacturing firms分类
经济学引用本文复制引用
周蕾,赵敏,王立琴..可用冗余对股价崩盘风险的影响研究[J].巢湖学院学报,2025,27(1):28-39,12.基金项目
国家社会科学基金项目(项目编号:18BGL076) （项目编号:18BGL076）
