中文摘要：

基于动态面板和静态面板方法，以2005-2013年（滞后一期数据为2004-2012年）中国股市全部A股上市公司为研究对象，考察了上市公司实际控制人的股权特征对股价崩溃风险的影响。研究发现：（1）现金流权越高，股价崩溃风险越低；（2）控制权与现金流权的分离程度会削弱现金流权与股价崩溃风险之间的负向关系。这说明在一定的不透明水平下，利益协同效应有助于缓解股价崩溃风险；且这种效应在国有上市公司中得到了更为显著和稳健的体现。

英文摘要：

Based on the dynamic and static panel methods, this paper takes all the A-share listing companies in Chinese stock market during the period of 2005-2013 （the data lagging one phase is 2004-2012） as the research object to analyze the impact of ownership characteristics of actual controllers of listing companies on stock price crash risks. The results show that the higher the cash flow right, the lower the stock price crash risks, and that the degree of the separation between control right and cash flow right can weaken the negative relationship between cash flow right and- stock price crash risks. These findings indicate that under certain level of opacity, the alignment effect helps to mitigate stock price crash risks, and this kind of effect is reflected more significantly and steady in the state-owned listing companies.