1. In case of systemic risk, the overall market declines;
The second is the black swan incident, such as being banned by the US protection policy. ;
Third, the hot money speculation, the stock price soared and plummeted, and the short-term concept speculation returned to rationality and caused a sharp drop;
Fourth, release bad news, such as the announcement of pre-reduction by major shareholders, bond default and so on.
As for internal reasons, there are problems in the operating conditions of listed companies. Generally speaking, the stock plunge of listed companies is usually not a good thing, and the possible impacts include:
First, the intrinsic value of listed companies is declining. The stock price of a listed company is the embodiment of the company's intrinsic value, and the rise of the stock price is the recognition of the listed company's intrinsic value. On the contrary, it may be because the value of listed companies is overvalued and the stock price is higher than the intrinsic value of listed companies, so the stock crash means that the intrinsic value of listed companies is falling.
Second, the market value of listed companies has declined. The market value of a listed company is directly proportional to the company's share price, because the total share capital of a listed company will not change easily except for stock transfer or repurchase cancellation. Once the company's share price plummets, the market value of listed companies will plummet.
Third, the equity pledge of major shareholders of listed companies faces the risk of liquidation. At present, most major shareholders of listed companies have equity pledge, which belongs to secondary fundraising. The major shareholders of listed companies mortgage these shares to financial institutions for loans. When the stock price falls to the pledge liquidation line without replenishing the pledged shares, the major shareholders will have the risk of short positions.
Fourth, the reputation of listed companies is damaged. When the stock of a listed company continues to plummet, it shows that the market value of the company will also shrink sharply, which will have a great impact on the company's funds. The outside world will worry about the company, thus reducing the evaluation of listed companies and damaging their reputation.
Fifth, the shareholders of listed companies have changed. Generally, there will be a wave of panic when the stock plummets, which will lead to the selling of small and medium shareholders at no cost. It does not rule out that the controlling shareholder or actual controller may be replaced.
Sometimes the share price of listed companies continues to plummet, and the behavior of major shareholders reflects to some extent whether this stock has medium-and long-term investment value. Because when the stock price falls to the point where major shareholders can't stand it, they will increase their holdings. Since they are willing to spend money to increase their holdings, it shows that major shareholders have confidence in the future development of the company, and such stocks are still worthy of investors' continuous attention.
To sum up, from the perspective of company value, the stock price fluctuates around the value. If the stock price crash is driven by irrational emotions, then there will be room for price difference when the stock price returns to value. As long as the mood slump is not too outrageous, listed companies will not have any action to stabilize the stock price.