Research On Contagion Effect Of Stock Price Crash Risk In Business Group

As a kind of organization form widely existed all over the world,the Family Enterprise group has been paid more and more attention by scholars in recent years,especially the problems in the economic consequences of enterprise groups in the capital market.There is a stronger correlation among enterprise group members because of their special organizational structure,and based on this strong correlation,there are often some infectious effects among members,including,but not limited to,performance contagion,debt contagion,investment contagion,etc.Considering that the stock price fluctuation of listed companies of enterprise groups has a far greater impact on the stock market than that of a single company,this paper focuses on the specific mechanism path of the phenomenon of stock price contagion among enterprise group members and the occurrence of stock price decline in the transmission of infection among members.This paper takes the listed companies classified as members of the Family Enterprise Group in our A-share listed company in 2003-2017 as a sample of the research,and uses the empirical research and case analysis method to study the phenomenon of stock price infection among the members of the Clan group respectively.The results show that:(1)There is a significant stock price contagion effect among enterprise group members.(2)in the impact mechanism,based on the characteristics of enterprise groups,group members will carry out more real earnings management operations,more related transactions occur,and there is a phenomenon of performance transmission.According to the empirical analysis,it is found that all three paths may be the path of stock price infection.(3)Further research has found that,first of all,compared with private enterprises,the share price contagion effect between members of enterprise groups belonging to state-owned enterprises is more significant,possibly due to a series of economic consequences behind the property rights nature of SOEs;second,It is found that the stock price contagion effect of listed companies audited by the four major accountant affairs is more serious after PSM test and regression of the heterogeneous problem of whether the enterprise employs four major accounting firms.(4)After a series of robustness tests,the results obtained in the preceding article are still valid.