Research On The Impact Of “national Team” Holdings On Stock Price Downside Ris

In 2022,Xi Jinping emphasized at the Central Economic Work Conference that "effectively preventing and resolving major economic and financial risks and ensuring stable and healthy economic development." Therefore,the sustainable and healthy development of China’s economy cannot be separated from timely and effective prevention and resolution of major financial risks."The national team" plays an important role in preventing and defusing systemic financial risks and maintaining the smooth operation of the financial market in China.In 2015,China’s stock market experienced the most severe stock price volatility in history.In order to prevent it from evolving into systemic financial risks,the "national team" represented by "Securities and Futures" began to enter the A-share market on a large scale.The large-scale capital injection has played a bottoming role in curbing the stock market crash in the short term,boosting investor confidence and maintaining market stability.However,what are the specific ways in which the "national team" enters the market with a large amount of shareholding-a large-scale government fund entry behavior with Chinese characteristics-can affect the downward trend of stock prices,thereby stabilizing the stock market in the long term and maintaining the stable operation of the financial market? In particular,at present,China’s economy is facing more internal and external shocks.In order to effectively respond to shocks,it is necessary to enhance the ability to prevent and resolve major financial risks,better play the role of the "national team" in stabilizing the financial market,and thereby highlight the advantages and determination of socialist financial development with Chinese characteristics.In this regard,this article attempts to combine theoretical analysis and empirical research to clarify the impact of "national team" ownership on the downward risk of A-share market prices and its transmission mechanism.This article first analyzes the background and current situation of entering the market with the reduction of "National Team" shareholding in 2015.Secondly,using the data of listed companies in China’s Shanghai and Shenzhen A-shares from 2015 to2021,a two-way fixed effect model and an intermediary effect model for industry years are constructed to explore the impact of "national team" holdings on the downward risk of A-share market prices and the transmission mechanism.On this basis,in order to test the reliability of the empirical results,methods such as replacing explanatory variables,changing the time window,subsample grouping regression,and instrumental variables are used for robustness testing.Finally,this article also uses a heterogeneity analysis method to explore the differences in the impact of "national team" ownership on the downward risk of stock prices in different types of companies.Finally,this article draws the following conclusions:(1)Since the stock disaster in 2015,the industry coverage rate of "National Team" shareholding has further improved.The industry with the largest amount of positions held by the "National Team" is still the financial industry,and the industry with the largest number of shareholding enterprises is the manufacturing industry.In addition,"National Team" shareholding has gradually shifted from a quantitative expansion type to a quality based lean type.(2)The benchmark regression results show that the increase in the shareholding ratio of the "National Team" has a significant inhibitory effect on the downward risk of stock prices.(3)The intermediary effect test results show that "national team" ownership can suppress the downward risk of stock prices by improving stock liquidity,increasing media attention,improving company information transparency,and reducing equity concentration.(4)The results of heterogeneity analysis indicate that the inhibitory effect of "national team" ownership on the downward risk of stock prices is more significant in companies with poor audit quality and non-state owned enterprises.(5)Robustness test and endogenous test show that the results have high reliability.