信息披露考核降低了股价崩盘风险吗？

Does Assessment of Information Disclosure Reduce the Stock Price Crash Risks?

关键词:  信息披露质量；股价崩盘风险；公司治理

Key words:  Information Disclosure Quality； Stock Price Crash Risk； Corporate Governance

摘要:

深交所自2001年起对于上市公司的信息披露工作进行考核。本文从信息透明度的 角度，利用深交所上市公司信息披露考核数据，考察信息披露质量对股价崩盘风险的影响。研 究发现：（1）深圳证券交易所的信息披露考核对于股价崩盘风险有显著影响，整体来看上市 公司的信息披露质量与股价崩盘风险存在显著的负向关系；（2）对于经营业绩较差的公司而 言，信息披露质量与股价崩盘风险的负向关系更加显著；（3）相对于非主板公司而言，信息披 露质量对主板公司的股价崩盘风险的抑制作用更加显著。

Abstract:

The Shenzhen Stock Exchange has begun to examine the information disclosure of listed companies since 2001. The research is based on the perspective of Information asymmetry theory, evaluate the stock price crash risk affected by the information disclosure quality using the data of Shenzhen Stock Exchange. Our results show that,first, the assessment of Information Disclosure has significant effect on the stock price crash risk, and relationship between the stock price crash risk and the information disclosure quality is negative. Second, the negative relationship between the stock price crash risk and the information disclosure quality is more pronounced for companies with poor performance. Third, the negative relationship between the stock price crash risk and the information disclosure quality is more pronounced for companies listed on the Main Board than others.