重庆理工大学学报2025，Vol.39Issue(14)：95-105,11.DOI:10.3969/j.issn.1674-8425(s).2025.07.007
管理者过度自信与股价崩盘风险
Managerial overconfidence and the risk of stock price crash base on the analysis of accounting conservatism's intermediary effect
摘要
Abstract
Based on an empirical test of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2012 to 2019,this paper analyzes the impact of investment expenditure level and shareholding decision-making instead of managers'overconfidence on stock price collapse,and introduces accounting conservatism as an intermediary variable to analyze the mechanism among expenditure level,shareholding and stock price collapse.The results show that managerial overconfidence does aggravate the risk of stock price crash,because managerial overconfidence reduces the robustness of accounting information processing.Accounting conservatism partly plays an intermediary role.The research results are still valid after the robustness test.关键词
过度自信/股价崩盘风险/会计稳健性/中介效应Key words
over confidence/stock price crash risk/accounting conservatism/intermediary effect分类
管理科学引用本文复制引用
傅樵,姚丹..管理者过度自信与股价崩盘风险[J].重庆理工大学学报,2025,39(14):95-105,11.基金项目
重庆市教育委员会人文社会科学研究项目规划项目"数字经济征税规则的国际经验及中国方案的思考"(21SKGH189) （21SKGH189）
