| Stock price collapse risk refers to the enterprise stock price in a short period of time,no sign of the emergence of the whole stock market asymmetric decline.Although stock price fluctuation belongs to the normal situation of capital market,on the one hand,stock price collapse will cause resource mismatch,damage the interests of enterprises and shareholders,is not conducive to the development of real economy,on the other hand,it will seriously shake the confidence of investors in the market,causing panic in the stock market.Especially in recent years,the frequent collapse of share price has seriously affected the healthy and stable development of China's stock market.The high valuation,high risk,high bubble and high speculation in the growth enterprise market have increased the risk of stock market crash in China's stock market.One kind of risk is that due to the particularity of GEM listed companies' own business and the speculation of market investors,the risk of stock price collapse in GEM market is higher;the other kind of risk is that the executive team of GEM listed companies tend to have a closer "relationship" with each other.It is more likely that there is a probability of hiding enterprise information for personal interests.In addition,since China's reform and opening up to the present nearly 30 years,created a large number of private enterprise success,and many GEM listed companies in this period is "rich" in.As the listed companies on GEM have high-tech attributes,we can find that many CEOs of listed companies on GEM have overseas study experience.This experience makes these CEOs have a very deep understanding of the professional knowledge of the industry,and can follow up and grasp the forefront of the industry in a timely manner.At the same time,many GEM listed companies are inclined to select talents from the founder team as CEO,and the founder characteristics of the CEO,often will have a corresponding impact on the relevant decisions of the enterprise.Therefore,the significance of this study is embodied in the following aspects: based on the perspective of corporate international business behavior which affects the risk of stock price crash,and taking the characteristics of CEO background into the research framework,this paper empirically analyzes the relationship between the international business behavior and the characteristics of CEO background on the risk of future stock price crash of listed companies,and injects new information into the study of stock price crash.The research in this paper has certain theoretical value and practical value.This project mainly through the internationalization management this management strategy as well as closely related to the internationalization of the CEO background characteristics of the future stock price crash risk of the impact of theoretical analysis and empirical research,to solve the current capital market in China's frequent volatility in the stock price of enterprises as the research objective,for enterprises Provide constructive suggestions and suggestions on strategic choice,risk prevention and corporate governance optimization,so as to reduce the risk of stock price collapse and improve the operating conditions of enterprises.The results show that:(1)The risk of future stock price collapse of GEM listed companies with internationalized management behavior is lower,which shows that internationalized management behavior can play a sufficient role in controlling and restricting the risk of stock price collapse of GEM listed companies;(2)The characteristics of CEO's overseas experience can also play a corresponding role in controlling the risk of stock price collapse of GEM listed companies;In further research,this paper finds that the risk of stock price collapse of GEM listed companies can also be regulated by the characteristics of CEO's After introducing CEO's overseas experience,the impact of international operation on stock price crash has been significantly strengthened,which shows that CEO with overseas experience can strengthen the governance role of international operation on the risk of stock price crash.(3)There is a significant negative correlation between CEO founder characteristics and stock price crash risk,that is,the change of Founder concurrent CEO will reduce the risk of stock price crash,and considering CEO founder characteristics,we find that internationalization has a stronger negative impact on stock price crash risk.Compared with previous studies,the innovations of this paper are as follows:(1)The research perspective is novel.The main purpose of this paper is to study the impact of internationalization on the risk of stock price crash.Previous research perspectives on the risk factors of stock price crash mainly focus on the quality of accounting information as well as external market participants and external environment.These aspects of research have been relatively mature,while the impact of corporate and managerial behavior on stock price crash is relatively rare.Therefore,this paper chooses a new perspective to study the impact factors of stock price crash risk,and provides suggestions and opinions for enterprises to make international strategic decisions based on the current operating situation of enterprises in China.(2)The object of study is novel.Previous studies on stock price crash risk are mostly based on Chinese A-share motherboard listed companies,while the GEM market in China is quite different from the motherboard market in terms of trader conditions,regulatory system,investment risk and so on.And compared with the main board market,the stock price of GEM listed companies fluctuates more sharply.Therefore,this paper chooses the stock price crash risk of GEM listed companies as the research object,which can make a powerful supplement to the existing stock price crash risk research. |
PDF Full Text Request