중국기업의 경영자 능력이 주가폭락위험에 미치는 영향

[Purpose] The purpose of this study is to analyze the effect of managerial ability on the risk of stock price crash and these effects are differentiated according to SOE(state－owned enterprises) and non－SOE(non－state－owned Enterprises) in China. [Methodology] This study utilizes data from firms listed on the Shanghai and Shenzhen Stock Exchanges in China from 2009 to 2023. Data envelopment analysis(DEA) method proposed by Demerjian et al.(2012) was used to measure managerial competence, and negative (－) conditional skewness was used to measure stock price crash risk. [Findings] The relationship between managerial ability and risk of stock price crash was found to be significantly negative (－) and especially in SOE, which means that a competent manager can effectively reduce the risk of stock price crash. In this study, it is concluded that the management ability of Chinese listed companies can effectively reduce the risk of stock price collapse, and that the management ability of SOE directly controlled by the state or local government has a greater effect on suppressing the risk of stock price collapse than non－SOE. [Implications] This study will be meaningful in that it presents empirical results that managerial abilities play a key role in responding to stock price crash risk in Chinese firms, which have unique ownership and governance structures. In addition, it will contribute to providing a clue that the effect of managerial ability can be differentiated between SOE and non－SOE in the decision making for investors and regulatory policy establishment by the authorities.