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摘
要
近些年来，我国经济稳定增长，股票市场日渐繁荣，上市公司数量
快速增多，但是同时我国证券市场信息透明度差，股价同步性高，股票价
格暴涨和暴跌的现象屡见不鲜。股价崩盘就是上市公司股票价格在短时间
内暴跌的现象。股价暴跌会导致上市公司市值缩水、融资困难、投资者遭
受巨大损失等。因此，研究股价崩盘发生的成因、寻找预防和控制股价崩
盘以及降低股价崩盘风险的途径是非常重要的。
目前关于股价崩盘风险的成因大部分集中在公司外部，例如机构投资
者、分析师关注、股票流动性、外部审计等等，这些外部因素是影响股价
的外在表现，只有公司内部因素才是影响股价的根本原因。在前人的研究
中，由于不同的融资方式对应的利润率和融资成本存在不一致的现象，公
司融资结构的变化可以改变公司的经营状况、企业绩效、外部监管、公司
治理等等。融资结构属于公司内部因素的一部分，融资结构与资本结构概
念相近，影响股价崩盘风险的根本原因是资本结构。但是资本结构反映的
是存量，融资结构反映的是增量，存量是增量逐步累积的结果，即增量是
因，存量是果，增量的累积到一定程度会改变存量的性质。
本文在回顾国内外与融资结构和股价崩盘风险有关研究的基础上，以
代理成本和信息不对称作为中介，结合我国 A股全部上市公司 2010年至
2020年的融资结构与股价崩盘风险数据进行面板回归，得到以下结论：内
源融资比率、债务融资比率、债务期限结构、商业信用比率、银行存款比
率都会显著降低股价崩盘风险；股权融资比率、股权制衡度会显著的提高
股价崩盘风险；信息不对称、代理成本在融资结构对股价崩盘的影响中起
到了部分的中介效应。
本文实证检验了融资结构对股价崩盘风险的影响，检验了融资结构对
股价崩盘风险的影响机制，拓宽了股价崩盘风险的成因，为平稳股价、预
防股价崩盘风险提供的新的思路。
关键词：融资结构；股价崩盘；影响因素；对策建议
I

ABSTRACT
In recent years, Chinese economy has been steadily rising and the stock
market has been developing rapidly, more and more listed companies are
following each other, but at the same time, there is less transparency of
information in the stock market, more synchronisation of stock prices, and
stock prices have skyrocketed and fallen. A stock crash is a phenomenon in
which the price of a listed company's shares plummet over a short period of
time. The collapse of stock price will bring serious consequences, such as the
decline of market value of listed companies, financing difficulties, huge losses
to investors and so on. The occurrence of large-scale stock price collapse will
have a serious negative impact on the country's economic development.
Therefore, it is an urgent problem to study the causes of stock price collapse
and find ways to prevent stock price collapse and reduce the risk of stock price
collapse.
Much of the current information on the causes of share price collapse risk
is focused on the external aspects of the company, such as institutional investors,
analysts' attention, equity liquidity, external audit, etc. these external factors are
the external manifestations that affect the stock price, and only the internal
factors of the company are the root causes that affect the stock price. In addition,
these external factors are difficult to be controlled and changed by listed
companies, Moreover, we can not prevent and reduce the risk of stock price
collapse. For China's listed companies, finding the internal factors of stock
price collapse risk and using reasonable and effective methods to reduce the
probability of risk have become the focus of work. In previous studies, due to
the inconsistency of profit margin and financing cost corresponding to different
financing methods, the change of corporate financing structure can change the
company's operating status, corporate performance, external supervision,
corporate governance and so on. The financing structure is a part of the internal
factors of the company. The concept of financing structure is similar to that of
capital structure. The fundamental reason affecting the risk of stock price
collapse is capital structure. However, the capital structure reflects the stock, the
。。。以下略