交叉上市企业信息披露规制与股价崩盘风险——来自新《证券法》实施的经验证据

财经论丛 ›› 2025, Vol. 41 ›› Issue (1): 80-91.

交叉上市企业信息披露规制与股价崩盘风险——来自新《证券法》实施的经验证据

王夺, 李延喜, 何超, 胡云戈

大连理工大学经济管理学院, 辽宁大连 116024

收稿日期:2024-05-28 出版日期:2025-01-10 发布日期:2025-01-13
通讯作者: 李延喜(1970—),男,山东聊城人,大连理工大学经济管理学院教授。
作者简介:王夺(2000—),女,辽宁丹东人,大连理工大学经济管理学院博士生;何超(1991—),男,湖北武汉人,大连理工大学经济管理学院副教授;胡云戈(1999—),男,山东淄博人,大连理工大学经济管理学院博士生。
基金资助:
国家社会科学基金项目(21BJY080;22CJY049);辽宁省社会科学规划基金重大委托项目(L22ZD039)

Cross-Listed Firms Disclosure Regulation and the Risk of Share Price Crash: Evidence from the Implementation of the New Securities Law

WANG Duo, LI Yanxi, HE Chao, HU Yunge

School of Economics and Management, Dalian University of Technology, Dalian 116024, China

Received:2024-05-28 Online:2025-01-10 Published:2025-01-13

摘要/Abstract

摘要： 对于同一信息,交叉上市企业在不同市场进行披露的时点可能存在差异,这会导致投资者产生不同反应,进而引发股价出现不同程度的波动,2020年颁布的新《证券法》对此进行了关注与规制。本文以2017—2022年A股上市公司为样本,采用双重差分模型从股价崩盘风险视角检验了新《证券法》对交叉上市企业信息披露的规制效果。研究发现,新《证券法》实施后,相较于非交叉上市企业,交叉上市企业的股价崩盘风险显著降低,且该过程主要通过降低投资者意见分歧与减少管理层坏消息隐藏机制实现。异质性分析发现,当管理层具有较高坏消息隐藏动机或隐藏机会,投资者信息环境较为恶劣时,新《证券法》实施效果更为凸显。本文研究结果表明,新《证券法》实施为资本市场互联互通提供了法律保障,通过完善信息披露制度有效促进我国资本市场稳定并推动企业国际化进程。

关键词: 交叉上市, 信息披露规制, 股价崩盘风险, 新《证券法》

Abstract: For the same information, cross-listed enterprises may disclose it at different time in different markets, which will lead to different reactions from investors and further cause different degrees of stock price fluctuations. Based on the sample of A-share listed enterprises from 2017 to 2022 in China, this paper uses the DID model to test the effect of the new Securities Law on the information disclosure regulation of cross-listed enterprises from the perspective of stock price crash risk. We find that after the implementation of the new Securities Law, the risk of stock price crashes of cross-listed companies is effectively reduced compared with non-cross-listed companies, and this process is mainly achieved by reducing the differences in investors' opinions and lowering the management's hiding degree of bad news. Heterogeneity analysis shows that the implementation effect of the new Securities Law is more prominent when the management has high motivation or opportunity to hide bad news and the information environment of investors is bad. This paper emphasizes that the implementation of the new Securities Law provides a legal guarantee for the interconnection of the capital market, effectively promotes the stability of China's capital market and promotes the internationalization of enterprises by improving the information disclosure system.

Key words: Cross-listing, Information Disclosure Regulation, Stock Price Crash Risk, the New Securities Law

中图分类号:

F832.5

王夺, 李延喜, 何超, 胡云戈. 交叉上市企业信息披露规制与股价崩盘风险——来自新《证券法》实施的经验证据[J]. 财经论丛, 2025, 41(1): 80-91.

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