【摘要】 本文以1993-2011年中国沪深A股为样本,考察管理层过度自信、金融交易制度与股价异动风险之间的交互关系,结果发现:管理层过度自信程度越高,股价面临的暴跌风险越高,但与股价暴涨风险不存在统计上的显著关系;金融交易制度能有效地抑制股价暴涨、暴跌风险,并且这种抑制效应对于暴跌风险更显著;金融交易制度可以减弱管理层过度自信引起的暴跌风险,对暴涨风险的影响则没有差别。因此,适当地引入政府金融管制机制,有效规范证券市场,是一种治理股价异动风险的有效途径。更多还原

【Abstract】 Taking 1993- 2011 China’ s A shares as a sample,this paper examines the interactive relationship among management overconfidence,financial trading system and stock transaction risk. The research shows the higher the management overconfidence,the higher the stock price is facing the risk of collapse,but there is no statistically significant relationship with stock price inflation risk; the financial trading system can effectively inhibit the soaring and plunging of stock price,and has a more significant suppression effect for the risk of plunging; the financial trading system can weaken the risk caused by the excessive confidence of the management,and there is no difference in the impact of the risk of soaring. Therefore,appropriately introducing government financial control mechanisms to effectively regulate the securities market is a kind of effective way of governing stock transaction risk.更多还原