本研究旨在調查國際上現金流量不確定性與股價崩盤風險之間的關係，樣本來自於22個國家的所有上市櫃公司，我們發現現金流的不確定性越高崩盤風險就越高，也證實在不同地區、行業與子樣本中該關連都顯著地存在；此外，現金流量不確定性與崩盤風險之間的正相關在競爭激烈的行業和經濟政策不確定性較高的國家更明顯。最後，本文使用聯立方程式和兩階段最小平方法來解決內生問題。 總體而言，研究結果可提供投資者、公司和監管機構有效的政策意涵。;This study investigates the relationship between cash flow uncertainty and stock price crash risk. Using a large sample that includes firms from 22 countries, we find a higher cash flow uncertainty leads to a higher crash risk for firms. The empirical results also indicate that cash flow uncertainty increases crash risk in most regions, industries, and other subsamples. Furthermore, this positive association between cash flow uncertainty and crash risk is more pronounced for firms in highly competitive industries and those in countries with higher economic policy uncertainty. We use simultaneous equation and two-stage least squares regression methods to address endogenous concerns. Overall, our findings have useful policy implications for investors, firms, and regulators.
