| The so-called stock price crash refers to that for some reasons,stocks are sold off in the market,leading to a sharp drop in stock prices.From the perspective of market capacity and stock trading volume,China’s stock market develops rapidly,but compared with developed countries,China’s capital market still needs to be improved in the design of regulatory mechanism,the formulation of laws and regulations.In recent years,the sharp decline of stock prices has brought huge losses to investors,and the rise of stock prices has led to the behavior of investors blindly following the trend,increasing investment risks,impacting the stable development of the financial market and affecting the allocation efficiency of the capital market.Based on this,the prevention and solution of stock price crash risk should become the concern of all sectors of society.As for the reasons for the risk of stock price crash,the existing research mainly explains from the two perspectives of principal-agent and information asymmetry in the enterprise.The management hides the negative news inside the enterprise out of self-interest,which leads to its continuous accumulation.After the "bad news" is exposed for some reason,it will cause the stock price to crash,and it is more effective to solve these two types of problems from the perspective of the enterprise.Internal control is an important governance mechanism that regulates corporate processes and carries out risk management and control at the company level.On the one hand,the effective implementation of the internal control system can better supervise the management to reduce its self-interested behavior and reduce principal-agent problems;on the other hand,internal control By standardizing the accounting information formation process,the quality of accounting information is improved,the transparency of corporate information is increased,and the problem of corporate information asymmetry is also reduced,thereby reducing the possibility of stock prices crashing.In addition,since the quality of an enterprise’s internal investment decision affects the company’s development and is closely related to the stock price crash at the company level,inefficient investment behavior increases the risk of stock price crash,and internal control can better solve the problem of corporate inefficiency investment.The relationship between internal control and stock price crash risk,and further explore its impact mechanism,and then explore the impact of the nature of corporate property rights and equity concentration on the heterogeneity of the relationship between the enterprise internal control and the risk of stock price collapse.Using the data of listed companies in my country’s A-share market from 2013 to2020 as a sample,a series of regression and testing methods are used to verify the hypothesis proposed in this paper.At the same time,in order to enhance the credibility of the research conclusions,the robustness test was carried out by changing the sample interval,lagged variables and Heckman two-stage test method,and the following conclusions were obtained: First,there is a significant negative correlation between the internal control level of listed companies and the risk of stock price crash.Second,there is a partial intermediary effect between the inefficient investment behavior of enterprises and the risk of stock price crash;third,when the property rights of the enterprise are state-owned and the degree of equity concentration is higher,the internal control of enterprises and the risk of stock price crash The more significant the negative relationship is.Finally,according to the conclusions,it draws inspiration and puts forward relevant suggestions.Listed companies should optimize the level of internal control and improve the internal system of the company,in order to reduce the inefficient investment of enterprises,reduce the risk of stock price collapse of listed companies in my country,and promote the healthy development of listed companies and capital markets. |
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