How Does Debt Structure Influence Stock Price Crash Risk?

被引：4
作者：
Jia, Zichao [1 ]
Deng, Lu [1 ]
Xu, Ruiyang [1 ]
机构：
[1] BeiHang Univ, Sch Econ & Management, Beijing 100091, Peoples R China
来源：
JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY | 2018年 / 31卷 / 02期
基金：
中国国家自然科学基金;
关键词：
Bank loan; crash risk; debt structure; trade credit; TRADE CREDIT; BANK DISCRIMINATION; CORPORATE-FINANCE; ECONOMIC-GROWTH; AGENCY COSTS; CHINA; INCENTIVES; BEHAVIOR; LOANS; FIRM;
D O I：
10.1007/s11424-016-6105-1
中图分类号：
O1 [数学];
学科分类号：
0701 ; 070101 ;
摘要：
This paper uses the financial data of Chinese listed firms to explore the relationship between the debt structure, which is measured as the ratio of trade credit to bank loan, and future stock price crash risk. The empirical results show that the ratio of trade credit to bank loan is positively associated with the firm-specific crash risk while a good institutional environment reduces this positive relationship. In addition, considering the firm's ownership type, the authors find that the positive relationship between the debt structure and crash risk is more significant in the SOEs.
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页码：473 / 492
页数：20
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