Will Comparability Of Accounting Information Significantly Inhibit The Risk Of Stock Price Crashes?

Stock price crash risk refers to the possibility of a market index or a company’s stock price falling without any prior information,i.e.when the market is unable to respond in a timely manner.Since the 20th century,the stock prices of capital markets around the world have often plummeted without warning,resulting in extreme instability in China’s financial markets.Frequent stock crashes have seriously endangered the stability of the investment market and the healthy development of economies around the world,aggravated the volatility of the market economy,and even led to economic crises,and the capital market has suffered huge losses.According to the information asymmetry theory,the main responsibility of the management within the enterprise is to be responsible for the daily operation and management activities of the enterprise,compared to market investors In terms of information superiority,internal management often has the ability and motivation to provide bad news within the enterprise in order to maximize personal interests Long-term concealment,and in order to ensure this advantage,false financial information will be transmitted,and investors will choose to sell and hold shares when they are exposed to this information Stock prices have decreased significantly.The rise of China’s capital market is relatively short,although it has achieved rapid development,but the financial regulatory system is not perfect,the economic system is still in the stage of exploration and development,the capital market is not perfect,resulting in the current domestic information asymmetry is relatively high Higher,in order to satisfy their own selfish desires,internal managers often choose to conceal the company’s key and negative news,resulting in these internal managers from The market has a stronger incentive to profit.Therefore,in-depth analysis of the influencing factors of the stock price crash,in order to maintain the stability of the investment market,avoid and prevent market risks to provide convenient conditions,It has an important impact on ensuring the healthy and orderly、development of the securities market and a more rational allocation of market resources.The capital asset pricing model based on homogeneous expectations is not in line with the reality of our country,most of the investors in China are mainly retail investors,and different investors are concerned about different information due to their own factors or changes in the environment,and even have different interpretations of the same piece of information,forming different expectations for stock prices,from which it can be seen that heterogeneous beliefs are universal.Comparability of accounting information refers to the comparability of accounting information between various business entities that have similar businesses in the same industry.As an important key indicator,the comparability of accounting information is mutually verified by each enterprise through the comparison between enterprises,and the corresponding accounting information is provided Incremental information produces information spillover effects,so that the quantity and quality of information obtained by users of information can be improved to reduce the cost of collecting information data.By making effective use of the comparability of accounting information as an opportunity,we can properly solve the asymmetry between managers and investors based on the current market environment,that is,reduce it the problem of information asymmetry,thereby reducing the heterogeneous belief of investors,can make external investors and companies better evaluate the value of the company and the results of operation,thereby effectively reducing the company’s agency costs.Rational allocation of market resources,so that the company’s stock price truly reflects the company’s situation,reduce the possibility of stock price collapse.In summary,this study takes the financial data of china’s A-share main board listed companies in each year from 2011 to 2021 as a result The research object takes the comparability of accounting information as the primary entry point,and deeply explores the comparability of accounting information according to the accounting information between different enterprise entities Based on the above research results,the mechanism of influencing the risk of stock price crash and the comparability of accounting information is used to explore the relationship between heterogeneous beliefs in the risk of stock price crash and the comparability of accounting information The role played and the role that heterogeneous beliefs can play.