The impact of financial technology advancement on stock crash risk: An Analysis of the mediating effect of information transparency

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-15 DOI:10.1016/j.frl.2024.106448

Qifeng Zou , Yanliang Zhang

引用次数: 0

Abstract

This paper meticulously examines the influence of financial technology (fintech) development on stock price crash risk. Utilizing a fixed-effects model, the analysis focuses on a comprehensive sample of China's A-share listed companies spanning the years 2012 to 2020. The findings reveal a significant insight: within China's capital markets, enhancements in regional fintech development act as a potent deterrent against the peril of corporate share price collapses. Notably, fintech exerts its influence on mitigating stock price crash risk by enhancing the degree of corporate information transparency.

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金融科技进步对股灾风险的影响：信息透明度的中介效应分析

本文细致研究了金融科技发展对股价暴跌风险的影响。本文采用固定效应模型，以 2012 年至 2020 年中国 A 股上市公司为综合样本进行分析。研究结果揭示了一个重要观点：在中国的资本市场中，地区金融科技发展的提升对企业股价崩盘的危险起到了有力的威慑作用。值得注意的是，金融科技是通过提高企业信息透明度来降低股价暴跌风险的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance