Litigation and Stock Price Crash Risk under Securities Regulation

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-13 DOI:10.1016/j.frl.2025.107701

Changyun Hu, Yanfang Zeng

引用次数: 0

Abstract

Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020, the mechanism of litigation's influence on the risk of stock price collapse is empirically examined. We find that litigation can effectively inhibit share price crash risk, and there is heterogeneity like property rights. The higher the external attention and internal governance, the stronger the governance effect of litigation; the extended analysis examines the market response to litigation under the new Securities Law, and the new regulation strengthens the response of crash risk to litigation events and has regulatory spillover effects. The conclusions of this paper are based on the institutional background of the new Securities Law, which is of great significance for deepening administrative enforcement reform and strengthening judicial supervision, improving the new securities civil litigation system and enhancing the quality of listed companies.

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证券监管下的诉讼与股价崩盘风险

基于2007 - 2020年沪深两市a股上市公司数据，实证检验了诉讼对股价暴跌风险的影响机制。研究发现，诉讼可以有效抑制股价崩盘风险，且存在产权异质性。外部关注度和内部治理越高，诉讼治理效果越强；扩展分析考察了新《证券法》下市场对诉讼事件的反应，新《证券法》强化了崩盘风险对诉讼事件的反应，并具有监管溢出效应。本文的结论基于新《证券法》的制度背景，对于深化行政执法改革，加强司法监督，完善新证券民事诉讼制度，提升上市公司质量具有重要意义。

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