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本文利用2006~2011年中国A股主板上市公司的5437个年度观察样本数据,实证检验了政治联系对公司股价未来崩盘风险的影响,并进一步考察了不同类别的政治联系方式对股价崩盘风险的影响差异。结果发现:1政治联系、政治联系强度都与上市公司股价未来崩盘的风险显著负相关。2更具体地,政府官员类政治联系及其强度与公司的股价未来崩盘风险显著负相关,而代表委员类政治联系则与公司的股价崩盘风险并不相关。本文的研究结论对全面认识我国现阶段的政治联系的经济后果及如何应用政治关系降低股价崩盘风险具有重要的意义。
Based on the 5437 annual sample data of listed Chinese A-share listed companies from 2006 to 2011, this paper empirically tests the impact of political ties on the future crash of the company’s share price and further examines the impact of different types of political contacts on the share price crash risk difference. The results show that: 1 the political relations and the intensity of political ties are all significantly and negatively correlated with the risk of future stock market crash of listed companies. 2 More specifically, there is a significant negative correlation between the political affiliation and intensity of government officials and the future risk of the company’s share price crash, while political affiliations are not related to the company’s stock price crash risk. The conclusion of this paper is of great significance to fully understand the economic consequences of the current political relations in our country and how to use the political relations to reduce the risk of stock price collapse.