资金占用、股价暴跌风险对信息透明度的影响研究

以1999-2014年中国 A 股主板上市公司为研究样本，考量资金占用、股价暴跌风险对信息透明度影响。结果表明：大股东的资金占用程度越高，越容易给公司股价带来暴跌风险；股价发生暴跌后管理层采取相应策略改善形象，提高公司信息透明度。鉴此，投资者应利用大股东资金占用、股价暴跌与信息透明度之间的逻辑关系，构建投资套利组合；同时监管者需加强对大股东资金占用和信息透明度的监管，保护中小投资者利益。

Research on the Occupied Cash, Risk of Crash and Information Transparency

This paper takes the Chinese A-share listed companies on the main board from 1 9 9 9 to 2014 as the sample,finds that the higher the degree of large shareholders'funds occupation, the more likely to trigger the risk of a collapse in company's share price.It also finds that after the stock price plummeted,the management would take corresponding strategies to improve the image of the company,and the company's information transparency has been significantly im-proved after the stock price plummeted.This paper puts forward the conception that investors should utilize logical relationship among large shareholders'funds occupation,share price crash and the transparency of information,thus constructing investment arbitrage portfolio.At the same time,regulators should also strengthen the supervision of large shareholders'funds occupa-tion and information transparency,so as to protect the interests of minority investors.