%0 Journal Article
%T CEO过度自信、权力配置与股价崩盘风险*<br>CEO OVERCONFIDENCE, POWER CONFIGURATION AND STOCK PRICE CRASH RISK
%A 曾爱民
%A 林雯
%A 魏志华
%A 张纯
%J 经济理论与经济管理
%D 2017
%X 摘要 基于沪深两市2006—2013年A股上市公司的面板数据，本文从行为金融视角出发考察了CEO过度自信心理特征及其权力配置对股价崩盘风险的影响。研究发现CEO过度自信会增大公司股价崩盘风险；并且，随着CEO权力增大，过度自信更容易导致公司股价崩盘现象发生。进一步将CEO权力细分为选择权和决断权之后发现，只有CEO决断权增大能显著加剧过度自信对股价崩盘风险的负面影响，且这一关系只有在选择权得到保证后成立。<br>Abstract： From the perspective of behavioral finance, this paper studies the impact of CEOs overconfidence, CEOs power and its configuration on stock price crash risk based on the 2006—2013 panel data of ashare companies listed in Shanghai Securities Exchange and Shenzhen Securities Exchange. Empirical evidence shows as follows: First, CEOs overconfidence increases the stock price crash risk. Second, the overconfidence is more likely to lead to share price collapse with the increase of CEOs power. Third, after further subdividing the CEOs power into decision power and choice power, we found that its the CEOs decision power rather than choice power plays the main role on moderating the relationship between CEO overconfidence and stock price crash risk. While, even with the large decision power, CEOs overconfidence cant aggravate the negative effect on stock price cash risk with the restriction of choice power.
%K 股价崩盘风险
%K 过度自信
%K CEO权力
%K 权力配置
%K stock price crash risk
%K overconfidence
%K CEO power
%K power configuration
%U http://jjll.ruc.edu.cn/CN/abstract/abstract12903.shtml