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论文编号：	11873
作者编号：	2120182991
上传时间：	2020/6/23 11:08:25
中文题目：	机构投资者、审计师行业专长与股价崩盘风险
英文题目：	Institutional Investors, Audit Industry Expertise and Stock Price Crash Risk
指导老师：	张晓农
中文关键字：	股价崩盘风险；机构投资者；审计师行业专长；产权性质
英文关键字：	Stock Price Crash Risk; Institutional Investors; Audit Industry Expertise; Property Rights
中文摘要：	相比于西方成熟资本市场，中国股票市场发展的成熟度较低，不时发生的不良事件暴露出股市潜在隐患。这些隐患在特定时机下集中爆发会造成股价崩盘，给股票市场的平稳健康发展带来冲击。鉴于其对资本市场的影响越来越大，股价崩盘风险的研究已经成为学术界关注的热点，了解造成股价崩盘风险的因素、缓冲股价崩盘风险危害的措施对促进我国资本市场的成熟具有重要意义。 本文的研究主要从机构投资者和审计师行业专长两个角度出发，探索影响股价崩盘风险的因素并寻找抑制股价崩盘风险的对策，为解决此问题提供新的思路。机构投资者是重要的市场参与者，在公司中拥有很大的话语权。我国的机构投资者经过多年发展，初步形成持股比例稳步上升、持股机构多元化、多种类型全面发展的格局。但是，问题同样不容忽视，机构投资者以追逐利润为目标，注重短期套利而忽视价值投资，甚至为了谋求超额利益而与管理层合谋，损害股东利益，扰乱市场正常秩序。因此，机构投资者是否会给资本市场带来负面影响是本文关注的重点。有效的审计监督能约束公司对负面消息隐瞒行为，使公司披露的信息与股价变动同步，减小股价崩盘发生的概率。尤其需要大力培养审计师行业专长，提高审计质量，促进公司健康发展和股票市场的稳定。 为探究机构投资者、审计师行业专长和股价崩盘风险之间的关系，本文以沪深A股2008-2018年的数据为研究对象，共得到2645家企业16394个连续样本，其中国有上市公司7401家，非国有上市公司8993家。在研究机构投资者与股价崩盘风险关系时，还对按照不同特征对机构投资者进行分类研究。此外，为探索股价崩盘风险的破解措施，进一步研究了审计师行业专长对两者关系的调节作用，并且按照不同产权性质进行分组，分别检验审计师行业专长对两者关系的调节作用是否与不同的产权性质有关。最终得到如下研究结论：(1)机构投资者加剧了股价崩盘风险，进一步区分机构投资者内部差异，这个结果仍未改变。(2)审计师行业专长能够降低机构投资者持股对股价崩盘风险的负面影响。(3)相比于非国有上市公司，国有上市公司中审计师行业专长更能削弱机构投资者对股价崩盘风险造成的不利影响。针对研究结论，提出了培养审计师行业专长、引导机构投资者树立价值投资理念等相关建议。
英文摘要：	Compared with the western mature stock market, China's stock market has greater volatility, which is the potential risk of market development. These hidden dangers will cause the stock price collapse under certain opportunities, which will impact the healthy and stable development of China's stock market. The risk of stock price crashes has caused a huge negative impact on the capital market, and has become a hot spot in academic circles. We are supposed to understand the factors that cause the stock price crash risk and measures to buffer the risk of stock price crash risk, so as to promote the maturity of China's capital market. From the perspective of institutional investors and auditor industry expertise, this paper explores the factors that affect the risk of stock price collapse and measures to curb the risk of stock price collapse, so as to provide the latest evidence and experience to solve this problem. Institutional investors are important participants in the capital market of our country. Their actions affect the stock price of listed companies to a great extent, and it is also an important factor in the risk of stock price collapse. With the rapid development of institutional investors in China, the shareholding institutions are diversified and the shareholding ratio is gradually increasing. A pattern of comprehensive development of various types, such as securities investment funds, securities dealers, social security funds, qualified overseas institutional investors and trust companies, has been initially formed. However, there are still many deficiencies in the development process of institutional investors. Institutional investors focus on short-term arbitrage and less value investment with the goal of pursuing profits. The lower shareholding ratio makes it difficult for them to have a say in corporate governance, or even collude with the management in order to seek excess interests, harm the interests of shareholders and disturb the normal order of the market. In China's capital market, whether the role of institutional investors is positive or negative is the focus of this paper. Accounting firms with industry expertise can restrain the company's concealment of negative information, make the disclosed information correctly reflect the company's true financial situation, and reduce the probability of a stock price crash. Therefore, the company can optimize the external audit quality, supervise the authenticity of the information disclosed by the management, and promote the company's long-term development. In order to explore the relationship between institutional investors, auditors' industry expertise and stock price crash risk, this article takes the data of Shanghai and Shenzhen A shares from 2008 to 2018 as the research object, and obtains 16,394 consecutive samples of 2,645 companies, including 7401 state-owned listed companies and 8993 non-state listed companies. In order to be more targeted, this paper also distinguishes the differences within institutional investors. In addition, in order to explore the solution to the risk of stock price collapse, this paper further studies the regulatory effect of auditor industry expertise on the relationship between them, and groups them according to different property rights, respectively testing whether the regulatory effect of auditor industry expertise on the relationship between them is affected by the property rights of enterprises. The results show that: (1) institutional investors aggravate the risk of stock price collapse, and further distinguish independent institutional investors and non-independent institutional investors. This result remains unchanged. (2) The auditor's industry expertise can suppress the adverse effects of institutional investors on the risk of stock price collapse. (3) Compared with non-state-owned listed companies, the auditor industry expertise of state-owned listed companies can weaken the bad impact of institutional investors on stock price collapse.
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