Research On The Behavior Of Listing Corporation's Market Value Management In The View Of Suspension And Resumption In Stock Market Crash In 2015

Through the unexpected event of the 2015 stock market crash,taking "thousands of strands of suspension" phenomenon as a starting point,this paper studys the market value management behavior behind the listed company's suspension and resumption action.This paper conducts the study of the market value management behavior of the listing Corporation behind the suspension and resumption actions comprehensively through the theory and literature review,summaring the the laws of the market,case analysis and regression test.It conducts comprehensive analysis from the theory to practice and from the overall market to individual share.By market analysis,this paper finds some of the market laws.Through the case analysis of the suspension and resumption action of the listing firm NANJINGXINBAI,we can form a clearer understanding the motivation and capability driving forces of the suspension and resumption actions of the listing Corporation in the stock market crash.Based on the above theory and analysis,the paper trys to establish the empirical model and conduct the empirical tests,drawing the following conclusions: listing Corporation's suspension and resumption actions in the stock market crash are significantly influenced by the proportion of equity pledge,the public attention the external pressure,the individual share's performances,the enterprise circulation size and valuation level,the proportion of the first shareholder and other factors.The companies with the corresponding characteristics are easier to take the suspension actions in the stock market crash and tend to trade halts for a long period of time.The market value management incentives worth scholars and securities market participants paying great attention to.This paper has both the theoretical and practical significance.On the one hand,this paper expects to provide more evidence for the market test of the market value management theory,proving the existence of market value management behavior in the listed companies.On the other hand,this paper expects to find out the motivation of market value management,calling the participants in the market' s attention,especially the medium and small investors,helping them to form the more accurate understanding of listed company behavior and making rational judgments and investment decision.