Empirical Study on the Relationship and Influence Channel Between Stock Liquidity and Stock Price Crash Risk

被引：0
|
作者：
Hou Y.-T. [1 ]
Jin X. [1 ]
机构：
[1] School of Business Administration, Northeastern University, Shenyang
来源：
Dongbei Daxue Xuebao/Journal of Northeastern University | 2020年 / 41卷 / 02期
关键词：
Governance theory; Panel data; Short-termism theory; Stock liquidity; Stock price crash risk;
D O I：
10.12068/j.issn.1005-3026.2020.02.026
中图分类号：
学科分类号：
摘要：
Based on Governance Theory and Short-termism theory, the fixed effect model was adopted to analyze the panel data of A-share non-financial listed companies from 2007 to 2016, study the relationship between stock liquidity and stock price crash risk, and further analyze the channel of stock liquidity affecting stock price crash risk. The results show that stock liquidity has a significantly positive correlation with crash risk, and proved that stock liquidity affects crash risk through the short-term institutional investor channel. The conclusions may provide valuable references for investors, listed companies and market regulators to understand stock price crash risk from a micro perspective. © 2020, Editorial Department of Journal of Northeastern University. All right reserved.
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收藏
页码：300 / 304
页数：4
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