A Study Of The Impact Of Information Disclosure Quality On Stock Price Crash Risk Based On GMM

Although China's capital market has made great achievements in recent years,its maturity and stability still have a big gap compared with the western developed countries,and the phenomenon of rising and falling is frequent.The large fluctuation of stock price,especially the fall,has seriously hindered the smooth development of capital market and affected the allocation efficiency of capital market.Therefore,the causes of stock price collapse and the underlying mechanism have become the focus of attention in academic circles.At present,the exploration of the mechanism of the risk of the stock price collapse is centered on the information research,and the scholars generally believe that the stock price collapse is caused by the accumulation of negative news concentration.However,few studies have explored the mechanism of stock price collapse directly from the perspective of information disclosure quality,especially on the Chinese market.In addition,considering the common phenomenon of stock ownership concentration in China's listed companies,there is a proxy conflict between the large shareholders and the small and medium shareholders.In this paper,the influence of the quality of information disclosure on the risk of the stock price collapse is studied,and the influence of the two rights separation degree of the ultimate controller on the relationship is further explored.This not only helps to understand the influence mechanism of the quality of information disclosure on the risk of stock price collapse,but also is of great significance to the prevention of the stock price collapse and the reduction of the risk of the capital market.In view of this,this paper based on the panel data of A shares of Listed Companies in 2006-2016 years in China,calculates the risk of the stock price collapse of listed companies.At the same time,the quality of information disclosure is measured by the results of information disclosure quality evaluation of more comprehensive listed companies in Shenzhen stock exchange.Secondl y,the dynamic panel method(GMM)is used to analyze the effect of the information disclosure quality of the listed companies on the risk of the stock price collapse.On this basis,the influence of the two rights separation degree of the ultimate controll er on the relationship of the information two is further investigated.Finally,this paper uses the Standard propensity score matching(PSM)method to test the robustness,so as to eliminate the possible self selection problem of the sample,and make the c onclusion more rigorous and reliable.The results show that: first,there is a significant negative correlation between the quality of information disclosure of listed companies and the risk of stock price collapse,that is,the improvement of the quality of information disclosure of the listed companies will help to reduce the risk of the stock price collapse.Second,the degree of the two rights separation of the ultimate controller has played an important role in the process of information disclosure quality guiding the volatility of the stock price.Compared with the listed companies with low separation of two rights,the quality of the information disclosure of the listed companies with high separation of two rights is more significant to the risk of the stock price collapse.The conclusions of this study reveal the impact of the quality of information disclosure on the risk of stock price collapse,and improve the understanding of the relationship between the corporate governance factors and the risk of the stock price collapse,and provide a reference for the effective suppression of the risk of the stock price collapse,the improvement of the violent volatility of the financial market and the weakening of the adverse effects of the stock price collapse.