数字金融与股价暴跌：来自中国的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-03-28 DOI:10.1016/j.ememar.2025.101287

Ping Zhang , Yiru Wang

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引用次数: 0

摘要

本文以2011 - 2022年293个中国地市级数字金融指数和所有a股上市公司为样本，研究数字金融对股价崩盘风险的影响。利用广义矩量法（GMM）动态面板回归模型，发现数字金融可以降低股价崩盘风险。推进数字化转型、提高信息透明度、降低金融风险是数字金融降低股价崩盘风险的三个可行渠道。这些机制揭示了数字金融增强市场稳定性的途径。此外，我们的调查发现，在竞争力较高的行业和新技术企业中，这种降低效应更为明显。结论丰富和拓展了数字金融与企业股价崩盘风险的研究，为完善和稳定中国资本市场、推进数字金融发展战略提供理论依据。

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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Digital finance and stock price crash: Evidence from China

In this paper, we study the impact of digital finance on stock price crash risk based on 293 Chinese city-level digital finance indexes and all A-share listed companies from 2011 to 2022. We find that digital finance can decrease stock price crash risk by the Generalized Method of Moments (GMM) dynamic panel regression model. The promotion of digital transformation, the increase of information transparency, and the decrease of financial risks are three plausible channels that allow digital finance to reduce stock price crash risk. These mechanisms shed light on the pathways through which digital finance can enhance market stability. Furthermore, our investigation reveals that the reducing effect is more pronounced in higher competitive industries and new technology firms. The conclusion enriches and expands the research on digital finance and corporate stock price crash risk, providing a theoretical basis for improving and stabilizing the Chinese capital market and promoting the development strategy of digital finance.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.