标题: | 会计稳健性与股价崩盘风险 Accounting Conservatism and Stock Price Crash Risk |
作者: | 林楚雄 高伟舜 张简彰程 高子荃 Chu-Hsiung Lin Wei-Shun Kao Chang-Cheng Changchien Tzu-Chuan Kao |
关键字: | 会计稳健性;崩盘风险;资讯不对称;公司治理;Accounting Conservatism;Crash Risk;Information Asymmetry;Corporate Governance |
公开日期: | 五月-2024 |
出版社: | 国立阳明交通大学经营管理研究所 Institute of Business and Magement, National Yang Ming Chiao Tung University |
摘要: | 本研究主要控制公司治理机制下探讨会计稳健性对股价崩盘风险的影响,并检验资讯不对称是否对于会计稳健性与股价崩盘风险的关系具有调节效果。本文以台湾上市公司 2009年至 2018 年之资料进行实证研究,实证结果显示条件稳健性愈高的公司,未来股价崩盘风险较低,显示会计稳健性可限制管理者夸大业绩与向投资者隐瞒坏消息的动机与能力,进而降低股价崩盘风险。此外,在资讯不对称性程度愈高的公司,条件稳健性相较其他公司治理机制更能降低未来股价崩盘风险,支持替代关系假说。 This paper examines the impact of accounting conservatism for stock price crash risk. Moreover, we further discuss whether information asymmetry has the moderating effect between accounting conservatism and stock price crash risk. The sample contains the listed companies from Taiwan over the period 2009 to 2018. The empirical results show that conditional conservatism has a negative impact on future stock price crashes. This paper provides empirical evidence by conditional conservatism limits managers’ incentive and ability to overstate performance and hide bad news from investors, thereby reducing the risk of stock price crashes. Moreover, we find that the relationship between conservatism and future price crash risk is more pronounced for firms with higher information asymmetry compared to other corporate governance mechanisms. This result supports the hypothesis of substitute relation between conservatism and corporate governance. |
URI: | http://dx.doi.org/10.29416/JMS.202405_31(2).0003 http://hdl.handle.net/11536/162966 |
ISSN: | 1023-9863 |
DOI: | 10.29416/JMS.202405_31(2).0003 |
期刊: | 管理与系统 Journal of Management and Systems |
Volume: | 31 |
Issue: | 2 |
起始页: | 237 |
结束页: | 274 |
显示于类别: | Journal of Management and System |