股權的變動將有可能影響股價的價格，本文探討股權結構與股價崩盤風險之影響。透過股價崩盤風險的成因，分別闡述了公司制度對股價崩盤的影響，並從公司的股權結構來對股價崩盤分析。實證方面，本文選取TEJ以2018~2019年的台灣上市公司樣本資料，探討股權結構(大股東、經理人和法人持股)與公司股票價格之關聯，研究股權結構是否對股價崩盤風險具有相關性，結果顯示股權結構的不同，大股東、經理人和法人持股比例對股價崩盤是具有顯著正向影響。 Changes in equity ownership may affect the price of stock prices. This article discusses on the impact of equity structure and stock price collapse risks. Through the reasons for the risk of stock price collapse, this research separately expounds the influence of the company structure on the stock price collapse, and analyzes the relationship between company's equity structure and stock price collapse. Using the sample data from 2018 to 2019 in TEJ data base, this article analyzes the company's stock price collages risks with different shareholding structures (large shareholders, managers and institutional investors), and explores whether there are relevance to the risk of stock price collapse. The results show that the ownerships of large shareholders, managers and institutional investors have positive effects on the stock price crash.
