机构投资者持股、会计稳健性与股价崩盘风险

股价崩盘会严重危害资本市场的稳定发展,破坏金融市场秩序。文章选取2007—2018年我国沪深A股上市企业为研究样本,考察机构投资者持股、会计稳健性和股价崩盘之间的关系。实证结果表明:机构投资者持股比例越高,股价崩盘风险越高；企业会计政策越稳健,企业的股价崩盘风险越低；企业的会计稳健性能够降低由机构投资者持股引发的股市崩盘风险。文章的实证研究结论对降低股价崩盘风险和认识运用稳健会计政策的重要性具有一定的参考价值。

Institutional Investor OwnerShip, Accounting Conservatism and the Risk of Stock Price Collapse

The collapse of stock price seriously affects the healthy development of capital market and undermines the stability of financial market. This paper selects A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as research samples to investigate the impact of institutional investors'' shareholding on stock price crash risk and the impact of accounting conservatism on the relationship between the two. The empirical results show that the higher the shareholding ratio of institutional investors, the higher the risk of stock price crash; The more robust the accounting policy, the lower the risk of the stock price crash; Accounting conservatism can reduce the risk of a stock market crash caused by institutional ownership. The conclusion of empirical research has certain reference value for reducing the risk of stock price crash and understanding the importance of using prudent accounting.