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Study on Investment Efficiency, Institutional Investor and Stock Price Crash Risk

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DOI: 10.23977/emsd.2019.008


Xuefan Peng

Corresponding Author

Xuefan Peng


Stock price crash risk has become a common phenomenon in the capital market and it has tremendous negative influence on economy. Majority of the researches regarding crash risk are the causes of it. However, this paper focus on the economic effect of it. I use OLS model to identify the relationship between crash risk and investment efficiency. I find that it has negative influence on investment efficiency, and this relationship is more significant in Non-SOEs. Also, this relationship will be alleviated with the presence of stable institutional investors.


Investment efficiency, stock price crash risk, institutional investor

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