Information Disclosure And Stock Price Crash Risk

In recent years,the stock market plummets and collapses frequently,and the phenomenon of big ups and downs of individual stocks emerges one after another.In particular,in early 2020,COVID-19 broke out,and the Dow Jones index broke 4times in just 2 weeks.The S?P 500 index of the United States has "dived" for many times,and the domino effect has rapidly spread to the global capital market.A-share market of China is also affected by the U.S.stock market and emerged a certain range of shocks.Thanks to the effective measures issued by China's regulatory authorities,the epidemic situation has been effectively prevented and controlled,and capital market has rapidly recovered and returned to the right track.At present,COVID-19 continues to spread in other countries,which has brought strong uncertainty to the global capital market and the real economy.The external systemic risk of China's capital market has not yet been alleviated.Stock market of China is still facing the impact of economic downturn and uncertainty caused by the epidemic,and listed companies are facing greater risk of sharp fluctuations in stock prices.In this context,it is of great theoretical and practical significance to analyze and predict various factors that may induce financial risks,and to carry out research on the risk of stock price crash,so as to prevent and control financial risks,maintain the development of the real economy,and stabilize the economic security of the country.The collapse of stock price is essentially the economic consequence caused by information asymmetry.As an effective way for the market to obtain listed firms' internal information,information disclosure is one of the most important behavior of listed firms.Based on this,this paper takes the information disclosure of Listed Companies in China's A-share market as the research object,from three aspects of financial information,non-financial information and external regulatory information,respectively studies the impact of R?D investment information,social responsibility information and punishment information of listed companies on stock price crash risk and its channel mechanism,and further explore the impact of company heterogeneity on the stock price crash effect of listed companies' information disclosure.The contents and conclusions of this paper are as follows:Firstly,this paper studies how the information disclosure of R?D investment affects the risk of stock price crash from the perspective of financial information disclosure,taking the A-share non-financial listed firms from 2007 to 2017 as sample.The results show that: Firstly,the intensity of R?D investment is significantly positively correlated with the risk of stock price crash in the future,and the conclusion is still robust after controlling endogenous problems;Secondly,the shareholding ratio of the largest shareholder will significantly inhibit the positive correlation between R?D investment and stock price crash risk,while the holding shares of managers do not significantly affect the relation between R?D investment and the risk of stock price crash in the future,which means that supervision mechanism of largest shareholders works and the management incentive mechanism fails.Thirdly,the collapse effect of R?D investment exists in cash holding channel and tax avoidance channels not through earnings management and over-investment channel.Finally,the collapse effect of R?D investment is only significant in the companies which hire the non-Big Four accounting firms,with low cash holding and non high-tech industries.Secondly,from the perspective of non-financial information disclosure,this paper studies how social responsibility disclosure affect firms' stock price crash risk,taking A-share non-financial listed companies from 2007 to 2019 as sample.The results show that:Firstly,the behavior of corporate social responsibility information disclosure significantly reduces the risk of future stock price crash,and the quality of social responsibility performance and the stock price crash is also significantly negative related.Secondly,we study the information disclosure effect of social responsibility from two aspects of information transmission and information reception and find that when analysts pay more attention and investors are more positive,firms' social responsibility information disclosure is more significantly negative related with the risk of future stock price crash.Further tests show that leverage ratio,profitability and cash ratio of firms have differential effects on the relation between firms' social responsibility information disclosure and stock price crash risk.Thirdly,this paper studies how the external regulatory information affect the risk of stock price crash from the perspective of violation punishment.The results show that: firstly,the information disclosure of violation punishment and risk of stock price crash in the next year is positively related.Secondly,institutional investors will significantly weaken the positive relation between stock price crash and punishment information disclosure,while news reports will not significantly affect the stock price crash effect of illegal punishment information,which verifies the effectiveness of "governance effect",rather than "information effect".The further test shows that the risk effect of regulatory punishment on stock price crash is only significant in the listed companies with low shareholding ratio of the largest shareholder and low analyst attention,but not significant in the listed companies with high shareholding ratio of the largest shareholder and high analyst attention,which further verifies the "governance effect".In addition,the stock price crash effect of regulatory punishment of listed companies only lasts until the next year,but it is not significant from the next two years,and the influence becomes smaller year by year.Overall this paper finds that excessive R?D investment information and external regulatory information will significantly increase the risk of future stock price crash,while social responsibility information disclosure affects the risk of future stock price crash negatively.More Specifically speaking,from the perspective of financial information disclosure,R?D investment intensity of listed companies will significantly increase the risk of future stock price crash.From the perspective of non-financial information disclosure,the behavior of listed companies to disclose social responsibility information significantly reduces the risk of future stock price crash,and verifies the information disclosure effect of social responsibility from two aspects of information transmission and information receiving.From the perspective of external regulatory information disclosure,illegal punishment information disclosure significantly increases the risk of stock price crash in the future,and verifies the effectiveness of governance effect.This paper studies and tests the mechanism of financial information,non-financial information and external regulatory information disclosed by listed companies on the risk of future stock price crash,which has policy value for securities regulation.In order to stabilize the capital market to the greatest extent and reduce the volatility of the capital market,the listed firms should make their information disclosure appropriately.The regulatory authorities should conduct a more detailed investigation of the company's violations,fully expose the company's violations,and more firmly and widely punish the companies that violate the rules.At the same time,the regulatory authorities should strengthen the supervision of listed companies' violations,and protect the interests of investors and the capital market to the greatest extent.