The Impact Of Sotck Crash On The Quatily Of Information Disclosure

In recent years,because the problem of information disclosure caused by the stock price crash has been more and more,but many scholars are the stock price crash as a result,to do some pre-influencing factors,and this article is the stock price crash as a reason To analyze the listed companies in their company after the collapse of the stock price of some of the behavior of the stock market after the collapse of the listed companies will be due to some of the power of the market,so as to promote the listed companies to improve their original bad behavior,this article to information disclosure quality The entry point,in-depth discussion of listed companies in the company after the collapse of the behavior of the stock,through empirical analysis,observe the effect of listed companies after the deal.It also provides an effective reference for regulators to allocate regulatory resources in advance,in fact or afterwards.The research method adopted in this paper is an empirical research method.After determining the research methods,this paper uses the multiple linear regression model to analyze the impact of stock price collapse on the quality of information disclosure.After combing the existing domestic and international related literature and the definition of related concepts,this article makes a theoretical analysis and puts forward hypotheses based on the theory of behavioral finance,information asymmetry and bounded rationality,and selects the main stock market of Shenzhen Stock Exchange from 2009 to 2014 As a research sample,the company establishes the relationship between the quality of information disclosure and the stock price collapse.According to Hypothesis 2,the sample is divided into state-owned enterprises and non-state-owned enterprises according to the nature of property rights,and conducts empirical research to find out the impact of stock price collapse on the quality of information disclosure The conclusion,and the nature of the property will affect the quality of information disclosure.Hypothesis 3 is also studied according to the above method.Then,based on the results of the empirical analysis,the conclusions of the study are drawn and the robustness test is carried out.Finally,the policy recommendations are put forward and the inadequacies of the research are pointed out.The results show that:(1)the quality of information disclosure of listed companies that have had a stock price crash in the previous fiscal year will have a significant improvement;(2)Considering the impact of property rights on the relationship between the stock rights crash and the quality of information disclosure,After grouping all the samples,the impact of stock price crash on the quality of information disclosure is more significant in non-state-owned holding companies.However,the effect of stock price collapse of state-owned holding companies on the quality of information disclosure is not significant.(3)After grouping the analysts' attention variables,it was found that the analyst's concern did not have a significant impact on the relationship between the stock crash and Quality of information disclosure.