Religious Atmosphere,Accounting Conservatism And Stock Price Crash Risk

In recent years,the turmoil in China's stock market has aroused widespread concern from all social circles.Especially the bear market that continued from 2015 to 2018 has had a very negative impact on investors.The factors affecting the stock price crash risk have attracted the attention of scholars.Judging from the current research results,the factors affecting the stock price crash risk in China are mainly from the perspective of formal institutions such as corporate governance and market supervision,and there are few studies from the perspective of informal institutions.The thesis analyzes the impact of the religious system on the stock price crash risk and its path of action,providing empirical evidence for the influencing factors of stock price crash risk.Based on the new institutional economics theory,information asymmetry theory and principal-agent theory,the thesis analyzes the stock price crash risk,accounting conservatism and religious atmosphere and the religious related to the stock market,and combines the current situation of the religious atmosphere in China to propose a theoretical framework for the impact and impact mechanism.An empirical test was conducted on samples from A-share listed companies from 2008 to 2016.The empirical test results show that: The more religious atmosphere of the listed company's location,the stronger the company's accounting conservatism,indicating that China's traditional religious culture will have a positive impact on the company's behavior.After dividing the sample into high-market index group and low-market index group according to the marketization index average,the comparative analysis of the regression results shows that the religious atmosphere has a more significant impact on accounting conservatism in the low-market index group.Explain the complementary role of informal institutions to formal institutions in corporate governance.Accounting conservatism can offset and reduce management's opportunistic behavior,thereby reducing the stock price crash risk.The religious atmosphere of the place where the listed company is registered can significantly reduce the stock price crash risk,and the accounting conservatism plays a mediating role in this relationship.It shows that China's traditional religious culture has further affected the development of China's stock market by influencing corporate behavior.The relationship between the religious atmosphere of the listed company's office and the stock price crash risk is relatively weak.According to the grouped regression results,the religious atmosphere in the group with lower marketization index has more obvious influence on the stock price crash risk,which proves the complementary effect of informal institutions to formal institutions in the stock market.The paper also studies the differences between Buddhism and Taoism on corporate behavior and stock market.From the regression results,the influence of Buddhism is more significant.Finally,based on the results of empirical research,the paper proposes policy recommendations for institutional design at the macro level and corporate governance at the micro level.The research of the thesis enriches the related research on the influencing factors of stock price crash risk,provides new evidence for reducing the risk of stock price crash,supplements the research literature on the relationship between religious atmosphere and stock market,and clarifies the path of influence of religious atmosphere on stock market,providing more ideas for regulators and investors.