4054 
5494在外部劳动力市场的锦标赛激励下，CEO可能为了提高行业晋升概率而隐藏坏消息，从而加剧了公司股价的崩盘风险。文章使用2006-2018年中国上市公司数据作为研究样本，以CEO与同行业规模相近公司最高薪酬CEO间的薪酬差距衡量行业锦标赛激励，考察了行业锦标赛激励与公司股价崩盘风险的关系。研究结果表明：（1）行业锦标赛激励加剧了公司股价崩盘风险；（2）当CEO参与行业锦标赛竞争的意愿较强时，行业锦标赛激励对公司股价崩盘风险的正向影响更加显著；（3）在行业锦标赛激励下，CEO会通过操控公司盈余和降低年报可读性的方式隐藏坏消息，加剧了股价崩盘风险。文章揭示了高管薪酬激励影响公司股价崩盘风险的内在机制，为关注行业锦标赛激励的公司治理作用、维护资本市场稳定有所启示。
行业锦标赛激励与公司股价崩盘风险
摘要
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引用本文
邓鸣茂, 梅春, 颜海明. 行业锦标赛激励与公司股价崩盘风险[J]. 上海财经大学学报, 2020, 22(5): 79-93.
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