Research On The Relationship Between Information Rating,Institutional Investor Heterogeneity And Stock Price Crash Risk

The stock market in addition to the operating state of the normative,more normal than the two models,there are abnormal and collapse,which is a dynamic stock price crash more extreme state of operation,that is,investors continue to sell stocks in the stock market,resulting in the stock market is running very The collapse of investors will not only damage the wealth of investors,destroy the confidence of investors,and the collapse of "infectious",most likely lead to other economic modules of the chain reaction,undermine the stability of the financial system and the real economy,leading to the national economy can not run smoothly,which is not conducive to the country long-term stability.China since 1996,there have been five large-scale stock market crash,2015,the occurrence of thousands of shares is triggered by countless people sigh,followed by the launch of the fuse mechanism was not long before it was stopped.The frequent occurrence of stock price collapse has led to the financial field in recent years,one of the focus of the study,the study of the risk of stock price risk mechanism to help do a good job in advance defense measures to reasonably avoid the risk of’ collapse,so as to promote the stock market stable healthy and sustainable development do pave the way.The separation of ownership and control is the pattern of the majority of modern joint-stock enterprises,and the consequences are agency conflicts and the resulting agency costs.Under the system of separation of powers,the information obtained by both parties is not equal.Compared with the managers,the investors are in the situation of information disadvantage.The agent is usually the tendency of the company’s managers to engage in moral hazard behavior.The company’s long-term accumulation of hidden dangers if not promptly concerned and resolved.and ultimately will break through the boundaries,once the outbreak of this negative impact is reflected in the stock price is the stock price crash or even collapse.The disclosure of listed companies not only for investors to open a door to understand the specific circumstances of’ the operation of the company,help early detection of corporate governance problems.on the other hand can reduce agency costs,the formation of an effective checks and balances on management.Therefore.this article is based on this research to explore the institutional investors,information disclosure and the risk of share price collapse.This paper chooses 1722 data of 6 years listed on the board of A-share listed companies from 2010 to 2015 as a sample.On the basis of summarizing the domestic and foreign literatures,the hypothesis,the model,the descriptive statistics and the regression analysis of the data are studied.Information disclosure,institutional investors holding the relationship between the two and the risk of stock price collapse.In addition,we divide institutional investors into two categories according to the stability of ownership and the size of the equity:stable institutional investors and trading institutional investors,and discuss the relationship between institutional investors’ heterogeneity and stock price risk The The results show that:(1)the quality of information disclosure has a negative correlation with the risk of stock price collapse;(2)There is a positive correlation between institutional investors and the risk of stock price collapse;(3)The higher the proportion of stable institutional investors,the higher the risk of stock price collapse;(4)The higher the quality of information disclosure of listed companies,the relationship between dedicated institutional investors and the risk of stock price collapse is more significant,except transient institutional investors.The research content of this paper not only has a significant reference significance to the development of China’s financial market and capital market,but also has a guiding effect on China’s real economy.In particular,China’s economy is in a state of downstream,and industries and industries need to go to production and inventory Therefore,this article not only has a directive effect on the risk prevention and risk control of investors,but also has a far-reaching impact on regulating the development of economic market and promoting the innovation and innovation of China’s financial theory and system.