| In the 1990 s,with the establishment of China's securities market,more and more companies were financing through the securities market.The Chinese securities market has developed rapidly during this period.However,as a rapidly emerging securities market,there is a development process that from imperfect to mature gradually and that requires a corresponding regulatory system,laws and regulations to control.During this period,the stock prices of some companies in the Chinese stock market have experienced a sharp drop in the short term.This phenomenon is called stock price crash.The stock price crash not only damages the interests of enterprises and investors,but also affects the investors' confidence in investment,thereby affecting the capital allocation function of the capital market and hindering the development of the Chinese economy.As a result,the stock price crash has attracted widespread attention from regulators,academics,and industry.Based on principal-agent theory,information asymmetry theory,hidden bad news hypothesis and efficient market hypothesis,this paper adopts normative research method and empirical research method,and selects A-share listed companies from 2010 to 2016 on “Quanjing” website that have interacted with investors as a sample to study the impact of the communication between corporate management and investors on the Internet interaction platform on stock price crash risk.Then grouping regressions are carried out respectively based on information asymmetry and the proportion of institutional investors shareholding to test whether the above effects were different in different groups.The research results show that companies' good communication with i nvestors on the Internet platform can effectively reduce the risk of the company's stock price crash.And this effect is more pronounced in companies with severe information asymmetry or high proportion of institutional investors shareholding. |
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