Research On The Uncertainty Of Economic Policy And The Risk Of Corporate Stock Price Crash

At present,the macroeconomic environment at home and abroad is complex and changeable.In order to maintain stable economic development and the vitality of the financial market,government departments continue to adopt economic policies for macro-control,but this also increases the risk of economic policy uncertainty,and stock market inflation and slumps frequently occur,The stock market is in a continuous downturn.Against this background,it is necessary to carry out in-depth research on the uncertainty of economic policies and the risk of corporate stock price collapse,so as to provide constructive reference value for the decision-making of the government departments and corporate institutions.Based on the perspective of micro-enterprise,this paper combs the relevant literature research at home and abroad and discusses related theories,and finds that economic policy uncertainty has an important impact on micro-enterprise behavior,and micro-enterprise management and management behavior is also important for the risk of corporate stock price collapse.Factors,you can find out the transmission mechanism of economic policy uncertainty that affects the risk of stock price crash through microeconomic activities such as the company's main business profits,financial liabilities,short-term financialization and stock liquidity,and puts forward relevant research hypotheses.Then select all A-shares including ST shares in Shanghai and Shenzhen as research objects from 2007 to 2016,examine the impact of corporate heterogeneity on economic policy uncertainty and the risk of corporate stock price collapse,and use the intermediary effect model to focus on It explores the mechanism of economic policy uncertainty and the risk of corporate stock price crash,and further studies whether there is room for optimization and improvement of the company's own behavior under the institutional environment,and conducts related robustness tests.The empirical results found that:(1)Economic policy uncertainty has a positive effect on the risk of corporate stock price crash;(2)Under enterprise heterogeneity,non-state-owned enterprises,small-scale enterprises,and high-tech enterprises are affected by economic policy uncertainty.The risk of stock price crash is greater;(3)The three transmission mechanisms of economic policy uncertainty and corporate stock price crash risk are verified: "Economic policy uncertainty ?(suppression)corporate main business profit ?(promotion)corporate stock price crash risk ","Economic policy uncertainty ?(promote)short-term financialization of enterprises ?(promote)corporate stock price collapse risk" and "economic policy uncertainty?(promote)corporate stock liquidity ?(suppress)corporate stock price collapse risk";(4)The optimization and improvement of the institutional environment can reasonably guide companies to deal with the risks of economic policy uncertainty and suppress the risk of corporate share price collapse.Finally,based on the results of empirical research,relevant policy recommendations are of great practical significance for government departments to conduct macro-control and enterprise managers to make enterprise management decisions.