Research On Listed Company Quality And Stock Price Crash Risk

The COVID-19 pandemic has had a severe impact on economic development,and China’s securities market has also experienced abnormal stock price fluctuations.The US stock market is even worse,triggering four circuit breakers in just two weeks.When the government actively promotes the improvement of listed company quality,how to evaluate listed company quality and whether improving listed company quality can effectively curb the risk of stock price crash? Based on the above background,this thesis explores the relationship between listed company quality and stock price crash risk,and hopes to provide theoretical support for the relevant departments to promote listed company quality.Based on the theory of enterprise competitiveness,the balanced scorecard theory,stakeholder theory and green development theory,combined with the current policy guidelines and realistic problems,the thesis constructs a comprehensive evaluation system for listed company quality.The thesis explores the relationship between listed company quality and stock price crash risk and the mediation effect of investor sentiment by using data of listed company in the A-share market from 2011 to 2020.The research shows that the improvement of listed company quality has a positive effect on reducing the risk of stock price crash,and further research on the moderating effect of macro factors shows that the relationship between listed company quality and the risk of stock price collapse is more significant in areas with higher marketization level and lower macroeconomic climate level.The investor sentiment will significantly improve with the improvement of listed company quality.Investor sentiment has a masking effect in the relationship between listed company quality and the risk of stock price crash,that is,the existence of investor sentiment will offset part of the impact of listed company quality on stock price crash risk.The thesis proposes to comprehensively evaluate listed company quality from five dimensions of governance,value creation,social responsibility,R&D innovation and green development,which provides a model for the evaluation of listed company quality.The thesis analyzes the impact of listed company quality on stock price crash risk from the perspective of comprehensive evaluation,breaking through the limitation of existing literatures that explore the impact of stock price crash risk from a single factor,and enriching the research literature on listed company quality and stock price crash risk.