异常停牌、CEO风险偏好与公司风险承担

Based on the data of listed companies in A-share markets of Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2015, this study analyzes the relationship among abnormal trading halts, CEO risk preference and corporate risk-taking during the stock market turmoil in mid-2015. The results show that the abnormal trading halts decided by the CEOs during the stock market shock are a kind of risk behavior and consistent with the corporate risk-taking. During the downturn, the abnormal trading halts have protective effects on the market value of these companies. However, the abnormal trading halts make companies take higher risk. The high-risk behavior of these CEOs also makes the company take a higher operating leverage, invest more funds for inventions, take more M&A behavior and other risk characteristics. This study is helpful for further understanding the relationship between CEO risk behavior and corporate risk-taking. It also provides a basis for supervising departments to strengthen trading halts management.?