Abstract:This study examines the relationship between the CPA long cumulative tenure and the stock price crash risk from the perspective of capital market reaction, and proceeds from the following two aspects. First, a theoretical analysis of the impact of CPA long cumulative tenure on the crash risk of stock prices. Secondly, analyzes the conduction path of CPA long cumulative tenure’s impact on stock price crash risk, analyzes and examines it from such four aspects: information path, accounting path, investment path, and related transaction expropriation path.The instrumental variable method and two-stage least squares regression are used to test the relationship between the CPA’s long cumulative tenure and the stock price crash risk, and further use the mediation effect model to test the path of the CPA’s long cumulative tenure affecting the stock price crash risk. The study found, CPA long cumulative tenure is positively related to stock price crash risk.Further study on the conduction effect of CPA long cumulative tenure affecting stock price crash risk,found that the investment is totally conduction path. There is a partial mediation effect on the information path for the CPA long cumulative tenure exposure to the stock price crash risk.In the current Chinese capital market, related-party transaction corruption and accounting path aren’t the conduction path of CPA long cumulative tenure exposure to the stock price crash risk.The results of a series of robustness tests are basically consistent with the main conclusions of the previous article.
吴伟荣,李晶晶. 注册会计师超长累计任期与股价崩盘风险研究[J]. 管理学报, 2019, 16(7): 1097-.
WU Weirong,LI Jingjing. Research on the Influence of CPA Long Cumulative Tenure on Stock Price Crash Risk. Chinese Journal of Management, 2019, 16(7): 1097-.