Social Responsibility Information Disclosure,Media Attention And Risk Of Stock Price Collapse

Since the emergence of the Chinese stock market,there have been several large price fluctuations.The sudden collapse of these stock prices is called a stock price crash.The collapse of stock price is extremely harmful,which not only makes investors suffer huge losses,but also is not conducive to the stable development of the capital market.Therefore,it is necessary to study the influencing factors of the risk of stock price collapse.At the same time,in today's Chinese context,the degree of emphasis on social responsibility is unprecedented.Regulators force specific listed companies to disclose social responsibility information,hoping to alleviate information asymmetry to a certain extent.thus reducing the risk of stock price collapse.However,the non-uniform disclosure standards and the imperfect supervision system give listed companies an opportunity,which may instead aggravate the risk of stock price collapse.Therefore,the relationship between the disclosure of social responsibility information and the risk of stock price collapse needs further verification.In addition,with the popularity of the Internet,the role of the media has been involved in all aspects,and many cases have shown the role of the media in corporate governance.So.studying the impact of media attention on the risk of stock price collapse is very important.As an external supervision mechanism,it is also necessary to further explore the moderating effect of media on the disclosure of social responsibility information and the risk of stock price collapse.Through literature review at home and abroad,this paper summarizes the formation mechanism of the risk of stock price collapse,puts forward relevant assumptions on the basis of relevant theories and further analysis,and uses the data of Shanghai and Shenzhen A shares from 2011 to 2017 to conduct empirical tests through regression analysis.The final empirical results show that:(1)the disclosure of social responsibility information is positively related to the risk of stock price collapse.(2)Media attention is negatively related to the risk of stock price collapse.(3)Media attention does have a moderating effect between the disclosure of social responsibility information and the risk of stock price collapse.(4)Negative reports and non-negative reports have significant effects on the risk of stock price collapse.(5)Under different property rights,the relationship between social responsibility information disclosure,media attention and risk of stock price collapse is also consistent.The results show that social responsibility information disclosure has become a self-serving tool for listed companies to cover up bad news,which also reflects the impure motivation of listed companies to disclose social responsibility information.The media plays an important role in supervising the behavior of listed companies and is a powerful complement to the informal system.Therefore,this study can be used as a theoretical basis to correct the motivation of social responsibility information disclosure,and also provide theoretical support for the media to play a better role in the field of corporate governance in the future.