【中文摘要】本文利用2006〜2011年中国A股主板上市公司的5437个年度观察样本数据，实证检验了政治联系对公司股价未来崩盘风险的影响，并进一步考察了不同类别的政治联系方式对股价崩盘风险的影响差异。结果发现：①政治联系、政治联系强度都与上市公司股价未来崩盘的风险显著负相关。②更具体地，政府官员类政治联系及其强度与公司的股价未来崩盘风险显著负相关，而代表委员类政治联系则与公司的股价崩盘风险并不相关。本文的研究结论对全面认识我国现阶段的政治联系的经济后果及如何应用政治关系降低股价崩盘风险具有重要的意义。
【Abstract】Using a dataset of 5437 firm-year observations from Chinese A-share companies listed on the main board from 2006 to 2011，we examine the effect of a firm’s political connections on the firm's future stockprice crash risk.We also explore whether two types of political connections，i.e.，“government officials” connections and “members of People's Congress (PC) and Chinese Peopless Political Consultation Conference (CPPCC) ” connections， have potentially different effects on a firm’s stock price risk. We find that ① both political connections and their strength are significantly and negatively related to a firm’s future stock price crash risk;②however，the significantly negative effect is mostly attributed to “government officials ” connections and their strength， and PC and CPPCC connections have no effects on stock price crash risk. Overall，our results deepen our understanding of the mechanisms and consequences of political connections and have importantimplications for policies regarding reducing the stock price crash risk in China.国家自然科学基金青年项目“家族内外部所有权结构安排与家族企业冒险行为及绩效研究：基于双重代理理论框架”（71202061
