威胁是利益主体之间博弈常用的手段,通过施加压力迫使对方做出退让,进而影响博弈的均衡策略。在公司治理中,退出威胁是大股东实现其治理目标的重要手段,但是由于难以直接观察,学术界未能给予足够的重视。文章将社会心理学的概念引入公司治理研究框架中,以2007−2015年中国沪深A股17 080个观察样本为研究对象,检验了外部大股东的退出威胁可能存在的“治理假说”和“合谋假说”,并基于卖空机制、股价财富敏感性和市值管理敏感性进行了异质性分析。研究发现,外部大股东退出威胁的“治理假说”成立,即退出威胁可以有效发挥盈余管理治理作用,而且这一治理效应在可卖空及股价财富敏感性和市值管理敏感性较高的企业中更加显著。文章的研究证实了退出威胁会对企业决策产生实质性影响,揭示了资本市场压力传导到实体经济的路径,为公司治理的完善提供了新思路。
退出威胁与公司治理——基于盈余管理的视角
摘要
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陈克兢. 退出威胁与公司治理——基于盈余管理的视角[J]. 财经研究, 2018, 44(11): 18-32.
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