中文摘要：

中国A股上市公司发生股价崩溃的比例随制度环境的变迁发生变化，1997--2013年间该比例平均值为10．44％。不同行业的股价崩溃比例有一定区别，纺织服装皮毛业、批发零售业、食品饮料业的上市公司较易发生股价崩溃。市场行情也会对发生股价崩溃的上市公司比例产生影响，相对于“牛市”行情来说，“熊市”行情下上市公司更容易发生股价崩溃现象。

英文摘要：

Based on the data of 1997 -2013, this paper examines the stock price crash phenomena in China＇s A-share listed finns. The paper finds that, with an overall crash ratio of 10.44% during the whole period, the crash percentage changes in different institutional environments. The ratio of stock price crash is different among different industries. Companies in textiles ＆ apparel industries, wholesale ＆ retail trade, and food ＆ beverage are more prone to occur stock price crash. Market conditions can affect the percentage of stock price crash, which means that stock price is more likely to be crashed in ＂bear＂ market compared to ＂bull＂ market. Based on these findings, corresponding policy recommendations are advanced.