【摘要】 以2007年—2017年全部A股上市公司为样本,基于风险管理的视角,探讨了"内控自律"和"外审监督"对金融化催生的股价崩盘风险的治理效应。研究发现,高质量的外部审计和内部控制抑制了金融化与股价崩盘风险之间的正相关关系,并且内部控制和外部审计两者存在互补效应。进一步研究表明,在内部控制各要素中,内部环境和信息与沟通能够有效发挥治理效应,而风险评估、控制活动以及内部监督的影响不显著。研究成果有助于从风险管理的角度完善金融化催生的股价崩盘风险的治理机制。更多还原

【Abstract】 Using all A-share listed firms in China from 2007 to 2017 as samples,this paper discusses the governance effect of"internal control"and"external audit"on the stock price crash risk? caused by? financialization from the perspective of risk management. The study finds that high-quality external audit and internal control inhibited the positive correlation between financialization and stock price crash risks,and there is a complementary effect between internal control and external audit. Further research shows that among the elements of internal control,internal environment as well as information and communication can well play the role of governance effect,while the impacts of risk evaluation,controlled activities and internal supervision are insignificant.The research results help to improve the governance mechanism of stock price crash risks caused by financialization from the perspective of risk management.更多还原