【摘要】 本文选取2007-2020年沪深A股上市公司数据，结合连锁股东信息驱动与竞争合谋的双重特点，分析连锁股东对企业股价崩盘风险的影响。研究发现，连锁股东的信息驱动效应发挥了主要作用，能够显著降低持股企业的股价崩盘风险，连锁股东数量越多，股价崩盘风险越低。在实证检验连锁股东信息优势的基础上，提出信息驱动效应。信息驱动效应一方面体现为以证券交易加速公司特质信息融入股价，提升市场信息效率，降低股价崩盘风险；另一方面体现为强化管理层监督治理，减少负面消息隐藏，避免股价崩盘发生。进一步研究发现，连锁股东的信息驱动效应在较为薄弱的信息、治理环境中显著。本研究构建了“连锁股东——信息优势——信息驱动——股价崩盘风险”的完整逻辑，将连锁股东的影响从企业层面拓展到市场层面，有助于深化理解连锁股东现象，对有关部门监管所有权网络，维护资本市场平稳运行具有重要参考价值。更多还原

【Abstract】 Based on the data of A-share listed companies from 2007 to 2020,this paper analyzes the impact of cross-ownership on the stock price crash risk by combining the cross-ownership’s dual characteristics of information-driven and competitive collusion.It is found that the information-driven effect of cross-ownership plays a major role and can significantly reduce the stock price crash risk.The more the number of cross-ownership, the lower the stock price crash risk.Based on the empirical test of the information advantage of cross-ownership, the information-driven effect is put forward.On the one hand, information driven by cross-ownership is reflected in accelerating the integration of company information into stock prices through trading, improving the efficiency of market information and reducing the stock price crash risk.On the other hand, it is reflected in strengthening supervision, reducing the hiding of bad news and avoiding the occurrence of stock price crash.Furthermore, the information-driven effect is more significant in the weaker information and governance environment.The study builds a complete logical chain of“cross-ownership-information advantage-information driven-stock price crash risk”,and expanded the influence of cross-ownership from microscopic to market, which helps to deepen the understanding of cross-ownership phenomenon.It is of great significance for the government to supervise ownership network and maintain the smooth operation of capital market.更多还原