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北美作业代写:Share prices collapse

2018-09-19 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- Share prices collapse,供大家参考学习,这篇论文讨论了股价崩盘。股价暴涨暴跌是资本市场的一种重要现象,特别是暴跌所引发的股价崩盘会对资本市场的稳定和社会经济的发展带来非常大的冲击。近段时间,频繁发生的股价崩盘严重影响了金融市场的稳定,危害了实体经济的正常运行,也给投资者带来了巨大的损失。股市暴跌所引起的股价崩盘现象不仅致使投资者的利益受到严重侵害,而且很大程度地影响了股票市场的资源配置效率。

Share prices collapse,股价崩盘,essay代写,作业代写,代写

Stock price crash is an important phenomenon of capital market, especially the stock price crash caused by the crash will bring great impact on the stability of capital market and the development of social economy. Since the 20th century, frequent stock price crashes have seriously affected the stability of financial markets, jeopardized the normal operation of real economy and brought huge losses to investors. Through the analysis of the phenomenon of stock price crash, this essay understands the causes and consequences of stock price crash, as well as the impact on economic behavior, and hopes to provide theoretical basis for the study of stock price crash.

In recent years, the global market economy is in the doldrums, the stock market fluctuates, and the "stock price crash risk" has become the focus of macro and micro economic and financial accounting research. The stock price crash caused by the stock market crash not only severely damaged the interests of investors, but also greatly affected the resource allocation efficiency of the stock market, seriously impeded the smooth and healthy development of the financial market, and even caused irreparable losses to the national real economy. In view of the serious consequences caused by the economic phenomenon of stock price crash, the academic, practical and regulatory departments pay more and more attention to it, and the identification of the causes and the consequences is crucial to effectively prevent systemic financial risks.

Stock price crash mainly includes four aspects: financial report and company disclosure; Management motivation and management characteristics; Capital market transactions; corporate governance. In terms of company information disclosure and financial reports, most scholars believe that management wu pan is the main cause of stock price crash. In general, good news and bad news for companies are random, and stock returns are distributed symmetrically when managers publish them in a timely manner. However, that is not the case. Management will, for its own benefit, refrain from reporting bad news during the company's disclosure process, or delay the release of bad news. There is a critical threshold for companies to tolerate bad news, and when bad news accumulates to a certain extent, public companies can only announce it at some point. Bad news quickly poured into the market, was absorbed by the company's stock price, the stock price fell, the controlling shareholder was pledged by the stock will be broken below the level and forced to liquidate, causing chaos in the market. The resulting fear caused investors to sell shares, leading to a real crash in the shares of listed companies. Capital markets can also have an impact on the risk of a crash, although research suggests that stock price crashes are the one-time release of bad news accumulated in the capital markets, but some research suggests that this hoarding of bad news may be reflected in stock trading volumes and returns, two indicators that can be used to detect the risk of a crash. A significant increase in trading volumes compared with the previous six months, therefore, suggests that some investors know some bad news is coming, leading to greater trading volumes between those who know and those who do not. They also argue that high returns in the first 36 months mean a bubble has been built for a long time and that stock prices fall sharply when prices fall back to fundamentals. Furthermore, the research suggests that capital markets themselves provide an incentive to hoard bad news. This increases the likelihood of a future price collapse.

The study found that the occurrence of crashes has serious implications for ceos and companies. The risk of collapse was positively correlated with the CEO's departure in the following year. In response to the risk of a crash, boards fire ceos for poor performance. Some scholars have studied the impact of crash risk on the speed of corporate leverage adjustment and how the impact is adjusted by the information environment. They used data from 41 countries from 1989 to 2013 to prove empirically that companies with higher crash risk exposure will slowly adjust their financial leverage goals. They also argue that the negative correlation between crash risk and the speed of leverage adjustment is less obvious for companies in countries with more transparent financial reporting environments. Hackenbrack, Jenkins and Pevzner found a 2% increase in customer audit fees before the price crash. This finding suggests that a large part of the average increase in audit fees is due to the auditor's belief that particular risks will increase, and this variable can be seen as a proxy variable for crash risk. To sum up, hoarding bad news has been the main focus of research on crash risk in domestic and foreign literature. Therefore, managers should design a mechanism to hide negative information from income manipulation, tax avoidance and voluntary disclosure to reduce the risk of collapse.

Existing studies generally believe that stock price crash risk mainly stems from management's selective disclosure preference based on self-benefit reasons, that is, management tends to hide "bad news". Management's disclosure preference delayed the spread of bad news within the company, resulting in the "storage" of bad news within the company. However, the existence of information threshold prevented the "storage" of management from continuing. The accumulation of bad news eventually reaches a critical point, when it will have to be fully disclosed to outside investors, triggering a dramatic volatility in the stock market that leads to a crash. Along this logic, scholars have conducted researches from the perspectives of executive characteristics, accounting information quality, stakeholders and other factors, and obtained abundant achievements.

Executive characteristics and stock price crash: on the one hand, according to the theory of higher order, the background characteristics of the executive team will partly determine the performance level and strategic decision of the enterprise. Therefore, different executives will behave differently even in the same environment. On the other hand, as the key factor of corporate decision-making, senior executives can exercise their discretion. Therefore, the investment and financing decisions of the company will be different with the differences in senior executives' personal preference, risk preference and ability, which will then affect the business performance of the company and the generation of negative news. Therefore, some scholars try to study the risk of stock price crash from the perspective of executive characteristics. Li xiaorong and liu xing focused on the impact of gender differences in senior executives on crash risk. The study found that female ceos were negatively correlated with the risk of stock price crash. As their rights and age increased or they were in a bear market, the negative correlation was more significant. The results show that compared with male executives, female executives, especially female ceos, can bring lower agency costs and information transparency, and the gender difference can help reduce the risk of stock price crash.

Accounting information quality and stock price crash: the concealment and accumulation of bad news is the source of stock price crash risk, so the level of information quality is the key to whether a crash occurs or not. Among these, accounting surplus information is not only an important reference for investors to judge the value of a company, but also an important source of information for the stock market. On this basis, scholars further conducted empirical research on the risk of stock price crash from the perspectives of information transparency, accounting conservatism and smooth earnings, etc.

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