摘要
文章基于2010-2023年中国上市公司数据,考察企业应收账款对股价波动的影响效应及其内在机理。研究发现:企业应收账款的增加会显著加剧股价波动,产生了“引雷针”效应;作用渠道分析显示,企业应收账款增加通过降低资金运营效率和盈利稳定性,加剧股价波动;异质性分析表明,企业应收账款对股价波动的影响在劳动密集型、资本密集型、短期应收账款比重较高、公司治理水平较低以及客户重要性较低的企业中更显著。此外,企业信息披露质量和投资者关注度的提升会削弱应收账款的“引雷针”效应,媒体负面新闻报道的增加则放大了其“引雷针”效应。研究结论为企业优化应收账款管理和防范财务风险提供了新的实证支撑和实践启示。
This study investigates the impact of accounts receivable on stock price volatility and its underlying mechanisms using data from publicly listed companies in China between 2010 and 2023.The results show that an increase in accounts receivable significantly amplifies stock price volatility,producing a"lightning-rod"effect.Mechanism analysis indicates that the increase in accounts receivable heightens stock price volatility by reducing capital operating efficiency and earnings stability.Heterogeneity analysis reveals that this amplifying effect is more pronounced in labor-intensive and capital-intensive companies,companies with a higher proportion of short-term accounts receivable,lower corporate governance levels,and less important clients.Additionally,enhanced information disclosure quality and increased investor attention weaken the"lightning rod"effect of accounts receivable,while the rise in negative media coverage amplifies it.The research conclusion provides new empirical evidence and practical implications for optimizing accounts receivable management and preventing financial risks.
作者
成春林
肖泽杨
郭进
CHENG Chunlin;XIAO Zeyang;GUO Jin(School of Business,Nanjing Normal University,Nanjing 210023,China)
出处
《华东经济管理》
北大核心
2026年第2期99-109,共11页
East China Economic Management
基金
国家自然科学基金面上项目“数字经济与实体经济融合驱动中国城市体系演化的理论机制和经济福利效应研究”(72373073)
江苏高校哲学社会科学研究重大项目“多源异构数据驱动下投资者情绪与股价波动的交互影响机制及风险预警研究”(2022SJZD004)。
关键词
应收账款
股价波动
资金运营效率
盈利稳定性
财务风险
accounts receivable
stock price volatility
capital operating efficiency
earnings stability
financial risks
