The Influence Of Control Structure Over Thestock Market Collapse Risk

China's stock market facilitates the issuance and circulation of stocks and provides certain guarantees for the company to raise capital,It is called Financial market thermometer.However,in China's stock market,the stock price of the "skyrocketing" phenomenon is very common,bringing adverse effects on the stability and healthy development of China's capital market,even affecting the steady development of the real economy.As the company managers temporarily conceal the bad news,making the bad news accumulated to a certain limit and suddenly released to the market,and ultimately seriously affected the value of investors to judge and confidence in the future stock market,so investors will appear a lot of selling stocks behavior,stock The price will fall rapidly in a short time,there is the phenomenon of stock price crash.Stock price collapse in recent years has become the focus of attention of scholars.This article is divided into four chapters for research.The first chapter clarifies the background and significance of the study.At the same time,this article Organizes and summarizes the related literature on the actual controllers and the risk of stock price collapse,Describes the research results of the actual controller's characteristics and the influencing factors of the stock price crash risk at home and abroad,and makes a simple evaluation;The second chapter analyzes the theory,and defines the actual controller's profile and the concept of the stock price crash risk;and the information asymmetry theory and effective market theory are used to form the risk mechanism of the stock price crash.Finally,it describes the mechanism of the influence of the control structure on the stock price crash risk,which lays a certain foundation for the later research;The third chapter is an empirical study of the influence of the structure of control over the price crash risk,and by making assumptions,simultaneously describing and analyzing the changing trends of variables,and selecting all of China from 2011 to 2016(lagging from 2010 to2015)GEM listed companies which are used as samples to conduct empirical tests.From the perspective of the actual controller,the relationship between the structure of control rights and the risk of stock price crashes is discussed.The fourth chapter summarizes the conclusions of this paper,At the same time.At the same time,this article puts forward the place where this research needs to be improved and perfected.Currently,China's private enterprises account for most of the GEM listed companies,It is still in continuous development.The results of this study show that,the reciprocal of the proportion of the actual controller's right to control is positively correlated with the risk of stock price collapse;the separation of the two rights has a significant negative effect on the stock price crash risk,which indicates that if the actual controller's ownership and control rights gap is greater,the stock price crash risk becomes greater;The actual controller's length of the control chain of the listed company is positively correlated with the stock price crash risk.In the end,we select the separation of the two rights as an optimal variable to measure the structure of control rights.