摘要
选取2017—2020年创业板上市公司数据,研究大股东减持对股价崩盘风险的影响。实证表明,创业板上市公司大股东减持与股价崩盘风险呈正相关关系。从外部来看,投资者情绪与股价崩盘风险呈正相关关系,投资者情绪加剧了大股东减持对股价崩盘的影响。考虑公司内部,盈利稳定性不足增加了大股东减持对股价崩盘的影响。
Based on the data of GEM listed companies from 2017 to 2020,this paper studies the impact of major shareholders’reduction on the stock price crash risk.The empirical results show that there is a positive correlation between the major shareholders’reduction of GEM listed companies and the stock price crash risk.Externally,there is a positive correlation between investor sentiment and the stock price crash risk,and consequently investor sentiment intensifies the influence of major shareholders’reduction on the stock price crash risk.Considering the internal situation of the company,the lack of profitability stability increases the influence of major shareholders’reduction on the stock price crash risk.
作者
何昕桐
乐菲菲
李雅敏
HE Xintong;YUE Feifei;LI Yamin(Business School,University of Jinan,Jinan 250002,China)
出处
《河南科技大学学报（社会科学版）》
2023年第2期47-55,共9页
Journal of Henan University of Science & Technology(Social science)
基金
山东省社科规划项目(20CGLJ02)
山东省研究生导师能力提升项目(SDYY18036)
济南大学社科项目(18YY01)。
关键词
创业板
上市公司
大股东减持
股价波动
投资者情绪
GEM
listed company
major shareholders’reduction
stock price volatility
investor sentiment
