| The dramatic fluctuations in the stock prices of listed companies not only affect their own healthy and stable development,but also negatively affect the stable operation of the stock market,which has a negative impact on the sustainable and healthy development of the national economy.The level of investment efficiency of listed companies has an impact not only on their profitability,comprehensive competitiveness,and sustainable development capacity,but also on the stable development of the national economy.Therefore,in-depth study of the impact of the stock price crash risk on the investment efficiency of listed companies has a positive and practical significance for the healthy improvement of listed company investment efficiency,the improvement of market competitiveness,and the control of stock price crash risk.Based on a systematic review of the relevant research on stock price crash risk,this paper takes 1,740 companies listed on A-share market in China before January 1,2012 as the sample,using inefficient investment as the explanatory variable,takes negative return skewness coefficient and volatility of returns as explanatory variables instead of stock price crash risk,and takes return on total assets,operating cash ratio,asset size,monetary fund ratio,long-term borrowing ratio,cash flow ratio,investment cash ratio,cash holding ratio as the control variables.This paper uses Stata 14.0 to test the impact of stock price crash risk on investment efficiency based on the overall sample,and empirically tests the impact of stock price crash risk on investment efficiency under different property rights and leadership structure.The empirical analysis results show that the risk of stock crash of Chinese listed companies has a significant positive impact on investment efficiency.The nature of property rights affects the impact of the risk of stock crash on the investment efficiency of Chinese listed companies.The difference of leadership structure affects the relationship between the risk of stock crash and its investment efficiency.Finally,the paper puts forward the strategies and suggestions to control the risk of stock market crash,to improve the decision-making level of investors,to strengthen the supervision of listed companies,and to implement the leadership structure of two-position separation,so as to effectively control the risk of stock market crash of listed companies in China,and to achieve a healthy and stable improvement of investment efficiency. |
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