Research On The Influence Of Economic Comment Letters On Stock Price Crash Risk

In recent years,the phenomenon of stock price crashes has attracted the attention of investors and regulators,and the research on the risk of stock price crashes has gradually matured.Existing research generally believes that management overconfidence and agency conflict are the main reasons for the risk of stock price collapse.With the gradual improvement of China's annual report inquiry system,especially after the ShanghaiShenzhen Stock Exchange has successively opened the "through train" for information disclosure,the number of annual report inquiry letters issued by the exchange to listed companies has gradually increased,becoming the daily supervision of the stock exchange.An important part of the mechanism.The issuance and reply of the annual report inquiry letter form a two-way interaction of information between the regulatory agency and the listed company,which increases the information content in the market,and also increases the cost and risk of management hiding hidden "bad news".The role of stock price crash risk.This paper selects the data of the 2015-2018 Shenzhen Stock Exchange Annual Report Inquiry Letter,and adopts a 1: 1 no-return neighbor PSM matching method to obtain disposal samples and paired samples.The research results show that:(1)The annual report inquiry letter can be effectively reduced The risk of a listed company's stock price crash,and the greater the number of inquiries,the more obvious the risk suppression effect;(2)From the perspective of multiple inquiries,only 3 inquiries can significantly reduce the company's stock price crash risk;(3)The annual report inquiry letter reduces the risk of stock price crash in the state-owned enterprises by asking for tax;the nonstate-owned enterprise can reduce the risk of the stock price crash by asking for accounting to deal with compliance;although the exchange annual report inquiry letter can find corporate risk points However,due to its non-administrative punitive regulatory characteristics,the effectiveness of its reply letter may not be as expected,and the external regulatory effect is not obvious,which may increase the risk of stock price collapse when inquiries involve certain matters or when it is required to reply to the review comments.The contribution of this article is: First of all,the research in this article expands the research on the influencing factors of the stock price crash risk and the economic consequences of the annual report inquiry letter.Secondly,the research in this paper found that multiple inquiries can suppress the risk of stock price crash,so in order to improve the regulatory effect,multiple inquiries can be conducted to reduce the "form" inquiries;finally,this paper studies the stock price through the research report The inhibitory effect of the crash risk has deepened the relevant research and found that the content of the annual report inquiry letter of different nature companies has different effects.It can conduct more precise inquiries for different nature companies to improve the annual report inquiry letter on the stock price collapse The inhibitory effect of risk.