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促进资本市场的健康发展一直是各方努力的目标。研究债务契约在新兴市场国家中的公司治理作用具有重要意义。由此,本文研究了债务诉讼是否影响股价崩盘风险和债务诉讼影响股价崩盘风险的具体路径,并深入考察了法律环境和债权人相对谈判力对债务诉讼与股价崩盘风险关系的影响。本文利用2001—2011年中国A股非金融行业上市公司的相关数据,经过一系列实证检验发现;(1)债务诉讼可以显著降低股价崩盘风险;(2)盈余管理和会计稳健性是债务诉讼降低股价崩盘风险的重要路径;(3)法律环境的改善有利于债务诉讼降低股价崩盘风险;(4)债务诉讼显著降低股价崩盘风险只在债权人拥有强的相对谈判力时成立。以上结论经过延长股价崩盘风险预测期间、采用Difference-inDifference回归方法等稳健性检验,依然成立。本文的研究丰富了股价崩盘风险影响因素的学术文献,并为新兴市场国家债务契约的公司治理作用提供了更直接可靠的经验证据,同时对如何从债务契约视角来降低股价崩盘风险提供了重要的政策启示。
Promoting the healthy development of the capital market has always been the goal of all parties’ efforts. Studying the role of debt contract in corporate governance in emerging market countries is of great significance. Therefore, this paper studies whether debt litigation affects the risk of stock price crash and the risk of debt litigation impacting on stock price crash, and examines in depth the impact of legal environment and the relative bargaining power of creditors on the relationship between debt litigation and stock price crash risk. In this paper, we use a series of empirical tests to find out the relevant data of Chinese A-share non-financial listed companies from 2001 to 2011. (1) Debt litigation can significantly reduce the risk of stock price crash. (2) Earnings management and accounting conservatism are the result of reducing debt litigation (3) the legal environment is conducive to improving the legal environment to reduce the risk of stock prices crash; (4) debt litigation significantly reduce the risk of stock prices crash only when the creditors have strong relative bargaining power. The above conclusion is still valid after robustness test such as Difference-inDifference regression method is adopted after extending the risk prediction of stock price collapse. This study enriches the academic literature on the factors influencing the stock price crash risk and provides more direct and reliable empirical evidence for the corporate governance role of debt covenants in emerging market countries. It also provides important information on how to reduce the risk of stock price collapse from the perspective of debt covenants Policy implications.