Accounting Conservatism,Information Disclosure Of Corporate Social Responsibility And Stock Price Crash Risk

The risk of stock price collapse at the company level is the probability of extreme negative value of stock returns,which reflects the short-term volatility risk of the company's stock price.As a financial market with the dual attributes of emerging market and transition period,the maturity and stability of China's stock market are still quite lag behind those of western developed countries.The sharp rise and fall of thousands of stocks occurrence frequently and lead to the risk of stock price collapse.It not only endangers the healthy and sustainable development of China's financial market,but also harms the interests of investors and shakes their confidence about the capital market,even leads to the confusion of market resources allocation and endanger the healthy development of the real economy.Therefore,in view of the unique financial anomalies of the Chinese stock market,it is of great practical significance to analyze the formation mechanism of the risk of stock price collapse and explore the way to restrain it,and it is a hot topic that has been discussed in academic circles in recent years.However,in terms of research on the influencing factors,we know that the essential reasons of the risk of stock price collapse are asymmetric information and principal-agent problems.To a great extent,capital market efficiency depends on better accounting information disclosure,namely the degree of truthfulness,fairness and timely disclosure of accounting information is directly related to the efficiency of capital market.The existing research is mainly based on the in-depth analysis of the impact of internal financial information on stock price crash risk.In addition,accounting conservatism,as an important feature of accounting information quality,is also an important corporate governance mechanism.It requires the asymmetric disclosure of internal financial information,which can effectively coordinate the conflict of interest of stakeholders,alleviate the principal-agent problem and reduce the asymmetry of accounting information,improve the degree of investor protection and then reduce the risk of stock price collapse.However,there is little research on the relationship between corporate non-financial disclosure and the risk of stock price crash.Considering that social responsibility information is an important non-financial information,whose disclosure may be similar to the role of financial information disclosure,increasing information transparency and reducing information asymmetry.In particular,fulfilling social responsibility can also help maintain a good corporate image,increase reputation capital and reduce the risk of stock price crash.However,there is no research on the comprehensive impact of social responsibility information disclosure and accounting conservatism on the risk of stock price crash as so far.So it is worthy of further research.To sum up,this paper examines the interactive effects of accounting conservatism and corporate social responsibility information disclosure on the risk of stock collapse basing on the data of A-Share Listed Companies in 2013-2016 years.I find that:(1)At the same level of other conditions,accounting conservatism helps to reduce the risk of future stock price crash.(2)At the same level of other conditions,disclosing social responsibility information helps to reduce the risk of future stock price crash.(3)In addition,the relationship between social responsibility information disclosure and accounting conservatism level has a complementary effect on relieving the risk of stock price crash.(4)Further,considering the information disclosure policy and specific situation,it's found that the voluntary disclosure of social responsibility information plays a stronger role than compulsory disclosure on reliving the risk of the stock price collapse.However,the disclosure quality of social responsibility information isn't significantly related to it.And,considering different nature of property right,the complementary effect of social responsibility information disclosure and accounting conservatism on reliving the risk of stock crash is very significant in private enterprises compared,but state-owned enterprises are not.(5)Finally,the results of robustness test support the above conclusion.