Research On The Influence Of Corporate Social Responsibility On The Risk Of Stock Price Crash Under Media Concern

The risk of a stock crash refers to the possibility of a sudden sharp drop in stock prices.Compared with capital markets in developed countries,stock price collapses are more common in my country's financial markets.Therefore,how to prevent and reduce the risk of stock price collapse has become a hot issue of concern and research in the theoretical and practical circles in recent years.China has paid more and more attention to sustainable and high-quality economic development,and attaches great importance to ecology and environmental protection.The performance of corporate social responsibility has become an increasingly important indicator in the evaluation of enterprises in the market.However,will corporate social responsibility have a positive or negative impact on the risk of individual stock crashes? In addition,with the expansion of Internet media power in recent years,the media has gradually begun to play its role in corporate governance.In recent years,news media has become an important external force in corporate governance.Therefore,on the basis of the above-mentioned relationship,we can conduct in-depth research on the regulating effect of media supervision to achieve better governance effects.To answer the above questions,the paper studies the relationship between corporate social responsibility performance and stock price collapse risk,the influence of media attention on stock price collapse risk,and the mediating effect of media attention on corporate social responsibility and stock price collapse risk.And in further research,from the perspectives of the nature of property rights and the institutional environment.Taking all A-share(non-financial)listed companies on the Shanghai and Shenzhen stock exchanges from 2013 to 2018 as the research sample,the following main conclusions are found through empirical research:(1)The better the performance of corporate social responsibility,the lower the risk of stock price collapse;(2)The higher the media attention,the better the performance of corporate social responsibility;(3)Media attention is significantly negatively correlated with the risk of stock price collapse;(4)Media attention plays a moderating role between corporate social responsibility and stock price collapse risk,that is,media attention The higher the degree of corporate social responsibility,the higher the degree of reduction in the risk of future stock price collapse.In further research.The empirical results showed enterprises was significantly negatively correlated with the risk of stock price collapse,while the negative correlation in the sample of state-owned enterprises was not significant;the higher the level of the institutional environment,the more significant the negative correlation between corporate social responsibility and the risk of stock price collapse.