Media Attention,Management Holdings And Stock Price Crash Risk

At present,our country is in an important period of economic transition.In emerging capital markets,chasing ups and downs and extreme market phenomena are emerging one after another,and the risk of stock price collapse is becoming increasingly prominent.Frequent stock market surges and slumps will cause extreme panic in the capital market,to a certain extent,undermine the confidence and enthusiasm of investors,and even lead to misallocation of resources,thereby endangering the development of the real economy.This will affect the effective operation of my country's capital market.Long-term development poses a huge threat.Therefore,it is urgent to discuss how to restrain the risk of stock price collapse.News media,as the "fourth power" outside of legislation,administration,and justice,plays an important role in improving the information environment of the capital market.Relying on its information advantages,the media not only played the role of information intermediary in my country's capital market,but also played the role of supervising companies to improve corporate governance,and made a significant contribution to exposing negative corporate news and protecting the interests of investors..In this context,this article takes the attention of external media as the entry point,takes principal-agent theory,information asymmetry theory,reputation theory,and agenda setting theory as the theoretical basis,and takes Ashare listed companies from 2009 to 2019 as the research object to resolve enterprises.The risk of stock price collapse is the anchor point.It has studied the influence of media attention on the risk of stock price collapse,and the emotional tendency of different media reports-the difference in the degree of influence of positive and negative media attention on the risk of stock price collapse,and on this basis has further investigated the internal company Features-management holdings,mediating the relationship between media attention and the risk of stock price collapse.In order to explore the impact of media attention on the risk of stock price collapse at a deeper level,this article also conducts research from the perspective of the macro-institutional environment and the quality of micro-firm internal control.The research results show that:(1)Media attention can effectively suppress the risk of stock price collapse of listed companies,and compared with positive media attention,negative media attention has a more significant inhibitory effect on the risk of stock price collapse;(2)The higher the proportion of management holdings,Media attention has a stronger inhibitory effect on stock price collapse risk;(3)From the macro institutional environment,media attention has a more significant inhibitory effect on stock price collapse risk in regions with a higher degree of marketization;from a micro level,The media attention's restraining effect on the risk of stock price collapse is more pronounced when the quality of internal control of a company is low.