Research On The Impact Of Enterprise Innovation On Stock Price Crash Risk

In the case that the national government vigorously encourages enterprise innovation,but the system is relatively imperfect,what are the economic consequences of enterprise innovation in the field of practice? Deeply into the micro-level of enterprise operation,because of the excess profits brought about by the success of enterprise innovation and innovation activities accompanied by more media and analysts' attention,can enterprise innovation activities restrain opportunistic managers' self-interest behavior,thereby reducing managers' tendency to hide bad news by using innovation activities? Or do opportunistic managers,based on their own interests,tend to use enterprise innovation activities to manipulate information flowing to the capital market,and to store bad news in the process of enterprise innovation activities?In view of this problem,this paper starts from the perspective of stock price crash risk,and takes listed A-share companies from 2006 to 2016 as samples,examines the impact of corporate innovation on stock price crash risk from the micro level.Based on information asymmetry theory,principal-agent theory and signal transmission theory,this paper explores the internal causes and external transmission mechanism of the impact of corporate innovation on stock price crash risk.Furthermore,the paper further considers the difference of the nature of the main body of enterprise innovation and the unique industry R&D spillover effect of enterprise innovation,and explores the difference of the impact of enterprise innovation on the stock price crash risk from the enterprise level and industry level.The results show that:(1)Corporate innovation aggravates stock price crash risk;(2)Agency conflict between shareholders and managers is an important reason for the positive correlation between the two;(3)Further path test shows that analysts' concern are the intermediary factors of the impact of corporate innovation on stock price crash risk,that is,there are the following external transmission paths: corporate innovation-analyst concern-stock price(4)Cross-sectional grouping regression finds that only in the non-high-tech enterprise group,corporate innovation and stock price crash risk were significantly positively correlated;(5)Compared with enterprises with low industry R&D spillover,enterprises with high industry R&D spillover had higher stock price crash risk,.The specific content of the paper includes following parts.The first part is the introduction,which mainly elaborates the research background,purpose and significance of this paper,and introduces the research methods and ideas and possible innovative points.The second part is the theoretical basis and literature review,which comprehensively combs the causes and influencing factors of stock price crash risk,the influencing factors of enterprise innovation and economic consequences.The third part is the theoretical analysis and research hypothesis,which combines the literature context and the current situation of enterprise innovation practice in China,and puts forward research hypothesis.The fourth part is the empirical research design,which introduces the sample selection and data sources,clarifies the main variables and definitions,and constructs the regression model of this paper.The fifth part is the empirical research which mainly tests the research hypothesis put forward in the previous part,including descriptive statistics,correlation analysis and multivariate regression analysis of variables,on this basis,in-depth analysis and robustness test.The last part is conclusions and policy recommendations,based on the above regression results,which draws research conclusions,and puts forward relevant policy recommendations,and finally points out the limitations of this study and possible research directions in the future.