应收账款对股价波动的影响：“压舱石”还是“引雷针”？

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中图分类号：F275；F832.51 文献标识码：A 文章编号：1007-5097（2026）02-0099-11

Abstract：This study investigates theimpact of accountsreceivableonstock pricevolatilityanditsunderlying mechanisms usingdata from publicly listedcompanies in China between 201Oand 2023.Theresults show that an increaseinaccountsreceivable significantlyamplifiesstockpricevolatility，producinga"lightning-rod"ffect. Mechanismanalysis indicates that theincrease inaccounts receivableheightens stock price volatilitybyreducing capital operating eficiencyand earnings stability.Heterogeneity analysis reveals thatthis amplifying efect is more pronounced inlabor-intensiveandcapital-intensivecompanies，companieswithahigherproportionofshort-termaccounts receivable，lowercorporategovernance levels，andlessimportantclients.Aditionaly，nhanced informationdisclosure qualityandincreasedinvestoratentionweakenthe"lightningrod"effctofaccountsreceivable，whiletheriseinnegative media coverage amplifies it.The research conclusion provides new empirical evidence and practical implications for optimizingaccountsreceivable management and preventing financial risks.

KeyWords：accounts receivable;stockpricevolatility;capitaloperating eficiency;earningsstability;financialrisks

一、引言

党的二十届三中全会通过的《中共中央关于进一步全面深化改革、推进中国式现代化的决定》明确指出，要“健全投资和融资相协调的资本市场功能，防风险、强监管，促进资本市场健康稳定发展”，并强调“建立增强资本市场内在稳定性长效机制”。（剩余15750字）