Enterprise financialization and stock price crash risk

被引：3
|
作者：
Liu, Lihua [1 ]
Li, Yuqian [2 ]
机构：
[1] Nanjing Vocat Univ Ind Technol, Sch Marxism, Nanjing 210023, Peoples R China
[2] Nanjing Xiaozhuang Univ, Sch Teacher Educ, Nanjing 211171, Jiangsu, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 60卷
关键词：
Corporate financialization; Stock price crash risk; Financing constraints; Investment efficiency;
D O I：
10.1016/j.frl.2023.104878
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, A-share listed companies are selected as data samples from 2009 to 2022 to explore the impact of the degree of corporate financialization on the risk of stock price collapse and its transmission mechanism. It is found that actual firms holding a certain amount of financial assets can reduce the risk of stock price collapse in the future; corporate financialization can reduce the risk of stock price collapse by alleviating financing constraints and enhancing investment efficiency.
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页数：7
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