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杆操纵对房地产公司金融风险的影响:基于利益冲突的观点
Liwen Huang1, Liangxing Yu1, Wei Huang1
1School of Business, Jishou University, Jishou, China.
企业杆操纵显著提高了中国的金融风险
科学领域:
- 公司财务
- 金融风险管理
- 房地产经济
背景情况:
- 企业杆操纵是房地产行业日益关注的问题.
- 了解金融风险的驱动因素对于市场稳定至关重要.
研究的目的:
- 调查企业杆操纵与金融风险之间的关系.
- 检查勾结和监控机制的作用.
- 确定影响杆操纵对金融风险的影响因素.
主要方法:
- 使用双向固定效应模型.
- 分析了中国A股房地产公司的样本 (2009-2023年).
- 进行了机制和异质性分析.
主要成果:
- 杆操作显著增加了财务风险.
- 股东,管理层和审计师之间的勾结加剧了这种风险.
- 在非国有企业和特定的投资者/区域环境中,这种影响更为强烈.
结论:
- 杆操纵对房地产行业的金融稳定构成重大威胁.
- 勾结加剧了杆操纵与金融风险之间的联系.
- 对非国有企业和特定市场需要有针对性的监管干预.
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