Equity Fledge,Quality Of Accounting Information Disclosure And Stock Price Collapse

In China's capital market,due to the high liquidity and transparency of equity,equity pledge financing is accepted and gradually generalized.It has been found that equity pledge has an impact on company performance,but when it comes to the relationship between the performance of listed companies and stock price,we can guess that equity pledge and stock price volatility must be more or less related.However,when the fluctuation of stock price is too large,that is,the collapse of share price will seriously damage the interests of investors,and even lead to stock market turbulence,which hinders the healthy and orderly development of capital market.What factors lead to the risk of stock price collapse and how to reduce the risk of stock price collapse are urgently needed to be answered by the theory and practice.In view of this,this paper Chinese Huishan dairy Holdings Limited as the research object,the influence of the equity pledge behavior on the stock market crash risk.Previous studies have found that large stockholders' equity pledge has a significant positive correlation with stock price crash risk,and this positive correlation is partly due to large shareholders' equity pledge,which improves the degree of information asymmetry.In the face of interests,shareholders and management collusion concealed the negative news and provided inconsistent accounting information.With the decline of accounting information quality of listed companies,the positive correlation between equity pledge and stock price collapse risk is more significant.This paper expands the research on the risk factors of stock price crash,enriches the relevant literature about the economic consequences of equity pledge,and has some enlightenment for the standardization and improvement of the equity pledge system,the protection of the investors.