Bank Loans,ordinary Investors Concern And The Risk Of Stock Collapse

The Chinese market is in the initial stage of development.There are still many imperfections in the development of the stock market over the past 20 years.The stock market's repeated “ popping and plunging ” of stock prices is one of the manifestations of the imperfect stock market.In this kind of securities market,many investors sell their stocks for some reason,and the phenomenon that stock prices fall rapidly in a short period of time is called “stock price collapse”.The skyrocketing stock market allows investors to see the benefits,but ignores the risks brought by stock price fluctuations,resulting in a large number of investors blindly investing.Once the stock price plummets,it is a heavy blow to the company and also causes economic interests for investors.Huge damage has seriously damaged investors' confidence in the market.The plunge in stock prices not only erodes shareholder wealth to a large extent,but also does not benefit the healthy and stable development of financial markets,and may even lead to resource mismatches jeopardizing the real economy.The impact of the stock price crash is so great that the study of the stock price collapse risk has high academic value and important practical significance,and the stock price collapse risk has become a hot topic in the academic world.Based on the theory of creditor's rights,the theory of information asymmetry and the theory of reputation,this paper combines the perspective of creditors from corporate governance and the perspective of investors to study the impact of bank debt and general investor attention on stock price collapse risk.This paper has studied and summarized the relevant research results of scholars at home and abroad,and selected the Chinese A-share listed companies in 2007-2017 as a sample,using descriptive statistics,under the support of manual collection of general investor attention data and csmar database.Empirical research methods such as correlation tests and regression analysis were conducted to examine the relationship between bank debt,general investor concern and stock price crash risk.The research findings in this paper are as follows:(1)There is a significant negative correlation between theattention of ordinary investors and the risk of stock price collapse,indicating that the higher the attention of ordinary investors,the lower the risk of stock price collapse of listed companies;(2)the significant risk of bank debt and stock price collapse Negative correlation indicates that the higher the proportion of bank debt,the lower the probability of stock price collapse in listed companies;(3)The higher the proportion of bank debt,the greater the negative effect of ordinary investor attention on the risk of stock price collapse.In robustness,we replace the independent and dependent variables,respectively,and the results remain the same.