To clarify the mechanism by which macroeconomic policies influence micro-level corporate behavior from the perspective of stock price collapse risk,this study employs a fixed-effects model to examine the impact of industrial policies on the risk of stock price collapse among A-share listed companies from 2007 to 2021.The results indicate that the encouragement from industrial policies significantly reduces the risk of stock price collapse among enterprises,with pronounced policy effect,in particular,in samples from non-high-tech industries,those with low information transparency,and those with a low proportion of institutional investor holdings.While government subsidies and credit support increase the risk of stock price collapse,the impact of tax incentives is not significant.The influence of industrial policies on the risk of stock price collapse in enterprises is primarily implemented through two intermediary factors:corporate investment efficiency and market competition.Industrial policies reduce corporate investment efficiency,and inefficient investment leads to increased risk of stock price collapse.But industrial policies also reduce the risk of stock price collapse by promoting market competition.It is therefore recommended that an effective mechanism for resource reduction and enterprise withdrawal be established through industrial polities to promote rational and moderate investment of industries,markets with effective and healthy competition,and balanced application of government subsidies,credit support,tax incentives and the like so as to exert the positive impacts of business information transparency,high-tech industries and institutional investors'holdings on the effective implementation of industrial policies to enhance the intrinsic stability of China's capital market and reduce the risk of corporate stock price collapse.
维普
万方数据