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股价暴跌严重损害投资者利益,阻碍资本市场平稳健康发展,探究股价暴跌风险的内在根源及治理机制,已成为当前理论界和实务界关注的焦点。选取2002-2014年我国A股上市公司为样本,考察代理成本与股价暴跌风险的内在关系,以及媒体关注度对这种关系的影响。研究发现:(1)上市公司代理成本与其未来股价暴跌风险显著正相关;(2)媒体关注能够削弱代理成本与股价暴跌风险间的正向关系。研究有助于从根源上理解上市公司股价暴跌的原因,同时为从公司内部和外部多措并举来降低股价暴跌风险提供理论依据。
The plunging share price has seriously damaged the interests of investors and hindered the steady and healthy development of the capital market. It has become the focus of current theoretical and practical circles to explore the inherent causes and governance mechanisms of the risk of stock price plunge. This paper chooses China’s A-share listed companies from 2002 to 2014 as a sample to examine the relationship between agency costs and stock price plunge risks and the impact of media attention on this relationship. The findings are as follows: (1) The agency costs of listed companies are significantly and positively correlated with the plunge risks of their stock prices in the future; (2) The media attention can weaken the positive relationship between agency costs and stock price plunge risks. The research helps to understand the causes of the plunge in share prices of listed companies from the root causes and at the same time provides a theoretical basis for reducing the risk of stock price plunges from the inside and outside of the company.