Study On The Impact Of Major Shareholders’ Reduction On The Risk Of Future Stock Price Collapse

With the growth of China’s comprehensive strength and the continuous improvement of its international status,the domestic capital market has also developed rapidly.First of all,intuitively,the number of domestic listed companies and the total transaction amount continue to increase,but there are many drawbacks hidden behind the rapid development.Due to the existence of information asymmetry and the immaturity and imperfection of the market order,the phenomenon of major shareholders taking advantage of their identity to reduce their holdings at a high level to obtain opportunistic excess returns is often staged,and it is also due to the existence of information asymmetry,coupled with the uneven quality of information disclosure of the company,resulting in the herd effect of most irrational small and medium-sized investors in the secondary market,and following the trend to reduce holdings aggravates the risk of stock price collapse.In fact,good information disclosure quality can not only convey the reliability and authenticity of the company’s data to the outside world,enhance the goodwill and trust of the company,but also inhibit the reduction of major shareholders’ holdings,thereby reducing the risk of future stock price collapse and safeguarding the interests of the company.Therefore,only by improving the professional risk investment quality of small and medium-sized investors can they make rational choices in the face of various situations,safeguard their own interests and maintain the normal order of the capital market;At the same time,the establishment of a good and sound information disclosure system can make the fundamentals of enterprises more stable,and have more profound significance for the long-term,stable and sustainable development of enterprises.Under this background and theory,the research is carried out,and the main research content is composed of the reduction of holdings by major shareholders,the quality of information disclosure of listed companies,investor sentiment and the risk of corporate stock price collapse.Firstly,through the combing of previous literature,we have a full understanding of the relevant research and progress in the reduction of major shareholders’ holdings,the risk of stock price crash,investor sentiment and the quality of information disclosure.At the same time,the relevant concepts and theoretical foundations required for this research are sorted out to lay a foundation for the full-text research.Then,through the analysis of the impact mechanism,the relationship and impact mechanism between the reduction of major shareholders,investor sentiment,information disclosure quality and stock price crash risk were expounded,and the mediating effect model of investor sentiment as an intermediary variable and the moderating effect model of information disclosure quality as a regulating variable were constructed.Then,the empirical research part is carried out,and the data of major shareholders of listed companies from 2011 to 2020 are taken as the explanatory variables,and the risk of stock price collapse of listed companies from 2012 to 2021 is taken as the explanatory variable,and the proposed research hypotheses are tested one by one with the help of stata17 processing software.The empirical results show that the reduction of holdings by major shareholders can not only have a positive and significant direct effect on the risk of future stock price collapse,but also produce indirect effects by affecting investor sentiment,that is,investor sentiment has a significant intermediary effect.The better the quality of information disclosure,the more it can alleviate the positive impact of the reduction of major shareholders’ holdings on the risk of future stock price collapse of the enterprise,that is,the quality of information disclosure has a significant adjustment effect;Next,on the basis of the original research,the event research method was used to identify each reduction behavior during the sample period of major shareholders,distinguish between opportunistic motivation and conventional motivation,and test the impact of major shareholder reduction on stock price crash risk under different motivations.