Financial Ecological Environment,Investment Efficiency And Stock Price Crash Risk

Listed enterprises are the main participants of the capital market in China and also are the foundation of the order and prosperity of the capital market.Stock price is susceptible to various factors as a carrier of enterprise value information,and there is a possibility of abnormal fluctuation including the stock price crash risk.This risk disrupted the normal management of enterprises and the sound operation of the market,resulting in the loss of investors’ wealth.Therefore,the enterprise stock price crash risk is widely noticed.Enterprises are in a complex and changing external environment,and their management and performance are simultaneously affected by many external factors.The financial ecological environment is the external environment in which the enterprises develop business activities,and it also affects the performance of enterprise stock price to a certain extent.However,as the ‘organic combination’ of various elements of the external environment of enterprises,the impact of the financial ecological environment on the enterprise stock price is not entirely direct.Therefore,based on the perspective of the overall external environment of enterprises,this paper discusses the impact of the financial ecological environment on the stock price crash risk,and whether it has an impact by enterprise investment efficiency.At the same time,this paper considers the heterogeneity of enterprise life cycle and manager ability,and further analyzes the impact of four aspects of financial ecological environment on the enterprise stock price crash risk and the specific path for investment efficiency to play an intermediary function.Based on the combing of existing theories and relevant literature,this paper theoretically analyzes the impact of the financial ecological environment on the stock price crash risk,and makes an empirical test with the sample of 2011-2020 A-share non-financial listed enterprises in Shanghai and Shenzhen,and illustrates that: A perfect financial ecological environment can reduce the stock price crash risk,and this impact can be transmitted by optimizing the enterprise investment efficiency.Moreover,the effect of the perfect financial ecological environment on reducing the stock price crash risk is more obvious in enterprises in recession,but weakened in enterprises with low manager ability.Further analysis shows that the better economic foundation,financial development and social environment can reduce the stock price crash risk,while the role of the government behavior is not obvious due to the existence of fiscal-financial imbalance and the need for a certain time for the government to play its role;The perfect financial ecological environment mainly optimizes the investment efficiency by restraining the over-investment of enterprises,so as to reduce the enterprise stock price crash risk.In view of the conclusions,this paper brings forth corresponding proposals from five perspectives: government,enterprises,market intermediaries,financial intermediaries and individual investors.By using the method of literature analysis and the empirical research to inquire into the impact of the financial ecological environment on the enterprise stock price crash risk,this paper not only enriches the content of the practical role of the financial ecological environment and the influencing factors of enterprise stock price crash risk,but also replenishes the relevant research on enterprise investment efficiency.At the same time,it also provides a certain reference for enterprises to make rational use of the financial ecological environment,effectively carry out investment activities,and then prevent and control the stock price crash risk.