| Since the establishment of Shanghai and Shenzhen A-share market in China,the scale of market continues to expand and now there are more than 3000 listed companies in the A-share.It has made great progress in over 20 years.However,we also see some serious problems in the market,one of which is the risk of stock price crash.Stock price crash bring very bad influence to both capital market and investors.Therefore,the study of the impact factors of stock price crash has become a hot topic in academia.Especially in China,the whole market crash occurs frequently,and the individual stock price crash is common.It is particularly important to study the risk of stock price crash under the market background.Although domestic and overseas scholars have reached an agreement on the reason of stock price crash,but due to the complexity of stock market,the stock price is influenced by many factors.Scholars need to make further research on related factors.Management ownership as a key method to ease the principal-agent problem in contemporary enterprise,is considered to align the interests of the owner and the management,so as to reduce agency cost effectively,and then improve corporate performance and value.On the contraty,other theory argued that managerial ownership will expand management power and increase the incentives and capabilities of management self-interest.Whether the management stock ownership is the incentive method or the catalyst of the management self-interest behavior has become the debate of the academic circles.Then,the impact of managerial ownership on the risk of stock price collapse become the main research content of this paper.Due to state-owned enterprises account for a high proportion in China.What role does property rights play in it?In addition,in view of the improvement of the audit system and the auditing level in China.What role does audit play between managerial ownership and stock price crash also is the research content of this paper.Based on the above research background,we summarize the relevant literature in domestic and abroad and combine correlative theories,and then selects 2012-2015 listed companies of the A-shareas to study the influence of managerial ownership on the stock crash risk.According different property rights and audit quality,we divide the sample into two groups and examine the relevance.Finally we draw the following conclusion:(1)Management ownership is positively related to stock crash risk,the higher of management shareholding proportion,the higher the risk of stock crash.(2)Compared with high quality audit,low quality audit will enhance the positive correlation between management ownership and stock price crash risk.(3)Compared with private enterprises,state-owned enterprises will enhance the positive correlation between managerial ownership and stock price crash risk.The text is divided into six chapters:The first chapter is the introduction,this part introduces the background,significance,content and research ideas and possible innovations;The second chapter is literature review.We summarize the relevant literature and make comment;The third chapter is the theoretical foundations and hypothesis proposed,listing theoretical which support for this study and putting forward the research hypothesis;The fourth chapter is the research design,introducing the selection method and data source of sample,the definition of related variables and regression model;The fifth chapter is the empirical analysis,from descriptive statistics,correlation analysis and regression analysis three aspects to expound the empirical content.In order to enhance the persuasive we add robustness test;The sixth chapter is the conclusion and enlightenment,we introduce the conclusion of the study and puts forward some suggestions.Finally,our research points out the limitation and future research directions.This study not only enriches the literature about the management ownership and the risk of stock price collapse,but also provides reference value for reducing the risk of stock price collapse and maintaining the stability of the market. |
