An Empirical Study On The Impact Of CSR Information Disclosure On Stock Price Crash Risk

In recent years,stock prices still rise and fall sharply,especially the stock price crash happens caused by the hiding of bad news.Seriously,it will affect the stable development of Chinese capital market.So how to reduce the risk of stock price crash is worth studying.With the proposal of stakeholder theory,the country and society pay more and more attention to the performance of corporate social responsibility(CSR),which is mainly known through the disclosure of CSR information reports.Besides,CSR information disclosure can not help investors in the market to obtain more corporate information,but improve market pricing efficiency and reduce stock price volatility.Therefore,by studying the relationship between CSR information disclosure and stock price crash risk,this thesis tries to find a more beneficial way for enterprises to reduce the phenomenon of stock price crash and at the same time stabilize the development of the capital market.In addition,enterprise digital transformation has attracted much attention in recent years,and it can promote the benign and sustainable development of enterprises,alleviate the internal and external information asymmetry,reduce the self-interested motive of the management,and affect the effect of CSR information disclosure level on stock price crash risk.By combing the literature research on CSR information disclosure,enterprise digital transformation and stock price crash risk to define their concept.Analyzing not only the relationship between CSR information disclosure and stock price crash risk,but also the impact of enterprise digital transformation on the relationship between CSR information disclosure and stock price crash risk based on the four theoretical bases such as efficient market theory,stakeholder theory,principal-agent theory and information asymmetry theory.In addition,selecting sample and constructing the corresponding model,and I do descriptive statistical analysis,correlation analysis,multicollinearity test and multiple regression analysis.The endogeneity test was carried out by the control firm level fixed effect,propensity score matching method and instrumental variable method,and the robustness test was carried out by the method of replacing the explained variable,replacing the explanatory variable and reducing the sample interval.Then,the thesis analyzes the heterogeneity of the moderating effect of digital transformation by distinguishing property rights and regional differences.Come to the conclusions: the results show that CSR information disclosure can inhibit the risk of stock price crash;enterprise digital transformation can play a positive role in adjusting the relationship between CSR information disclosure and the risk of stock price crash;the moderating effect of enterprise digital transformation will be affected by the enterprises’ different property rights and regions.Finally,according to the research conclusions,the thesis puts forward relevant suggestions as follows: improve the quality of CSR information disclosure to reduce the risk of stock price crash;enterprises should actively promote digital transformation.The relevant research of this thesis provides more options for enterprises to reduce the risk of stock price crash,so that enterprises are willing to take the initiative to keep pace with The Times in terms of business mode and business philosophy,and apply these new methods scientifically and reasonably,so as to realize the long-term healthy and stable development of the capital market.