Corporates' Strategies and Stock Price Crash Risk

Hualing He

《Frontiers in Economics and Management》 2卷10期 (2021/10) Pp. 46-52

https://doi.org/10.6981/FEM.202110_2(10).0007

摘要

This paper collects and collates the relevant data of China's gem listed companies from 2010 to 2018 from CSMAR, WIND and other databases, and studies the impact of corporate strategy on stock price crash risk based on information asymmetry theory, financing order theory and behavioral theory. Research findings: aggressive strategy will increase the risk of stock price collapse. From the perspective of theoretical value, this study not only enriches the research on the economic consequences of enterprise strategy, but also enriches the research on the causes of stock price crash risk. From the perspective of practical significance, it also provides new ideas for the management to formulate corporate strategy reasonably, and is conducive to stabilizing the order of the capital market.

關鍵字

Enterprise Strategy ； Risk of Stock Price Collapse

參考文獻

Hong Harrison, Stein Jeremy C.: Differences of Opinion, Short-Sales Constraints, and Market Crashes. Narnia, Vol.16 (2003) No.2, p.487-525.

Li Jin, Stewart C. Myers: R 2 around the world: New theory and new tests. Journal of Financial Economics, Vol.79 (2004) No.2, p.257-292.

Amy P. Hutton, Alan J: Marcus, Hassan Tehranian, Opaque financial reports, R 2 , and crash risk, Journal of Financial Economics, Vol.94 (2008) No.1, p.67-86.

Kathleen A. Bentley, Thomas C. Omer, Nathan Y. Sharp: Business Strategy, Financial Reporting Irregularities, and Audit Effort, Contemporary Accounting Research, Vol.30 (2013) No.2, p.780-817.

Nandini Rajagopalan: Strategic orientations, incentive plan adoptions, and firm performance: evidence from electric utility firms.Strategic Management Journal, Vol.18 (1997) No.10, p.761-785.