Can State-owned Shareholders' Participation Curb Stock Price Crash Risk? --Based on Empirical Evidence of A-share Private Listed Companies from 2008 to 2019
DOI:
https://doi.org/10.54097/0j69q603Keywords:
Stock price crash risk; State-owned shares, Mixed ownershipAbstract
After state-owned shareholders buy shares in private listed companies, they will more or less bring about some changes in the development of private listed companies. The existence of state-owned shareholders can enable listed companies to obtain more resources, which will play a certain role in promoting the company's operation. These favorable conditions will also attract more attention from the outside world. In order to study whether these changes will affect or restrain the company's stock price crash risk during the company's development, we take the stock price data of private listed companies in A-shares from 2008 to 2019 as the object of analysis. This paper studies the influence of state-owned shareholders' participation on the risk of stock price collapse of private companies. Through the regression model analysis, it is found that there is a significant negative correlation between the state-owned shareholders' participation in the private listed company and the company's stock price crash risk, that is, the state-owned shareholders' participation in the private listed company can significantly restrain the company's stock price crash risk.
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