Author(s)

Tingting Wang and Yaping Xiong

Corresponding Author

Tingting Wang

Abstract

In 2018, the NEEQ broke out the risk of expiration of products of “three types of shareholders”, which led to a stalemate after the crash. Recently the state officially put the science and technology innovation board into actions to solve the financing problem of high-tech enterprises, which made it crucial to find the inflection point of qualitative change from quantitative change. This paper takes the active stocks of the NEEQ as a sample, and studies the impact of the “three types of shareholders” on the stock price crash of the NEEQ, and sets up a dual indicator to test the tunnel effect of “three types of shareholders” in the NEEQ. The study explo res that the NEEQ does have a controlling shareholder tunneling effect, but whether the controlling shareholder belongs to the three types of shareholders has no particular impact on the tunneling effect. Based on the conclusions, follow-up suggestions and research prospects are proposed.

Keywords

Three types of shareholders, Share price collapse, Tunneling