Information Disclosure Quality And Stock Price Crash Risk

The quality of information disclosure and the risk of stock market crash are hot topics of financial research in recent years.This paper studies the relationship between the quality of information disclosure and the risk of stock price collapse on the basis of the evaluation results of listed companies' information disclosure quality published by Shenzhen Stock Exchange.The results show that there is a significant negative correlation between the quality of information disclosure and the risk of stock price collapse.Moreover,even in the year,industry,company size,market ledger ratio,asset-liability ratio,total asset return,stock price volatility,return,average excess turnover rate and earnings management evaluation,the quality of information disclosure is negatively related to the risk of stock price collapse.As a control variable,the relationship between the quality of information disclosure and the risk of stock price collapse still exists.This shows that the speculative mentality of investors in China's capital market is not enough to reverse the real impact of information disclosure;at the same time,it shows that the Shenzhen Stock Exchange on the quality of information disclosure of listed companie more analysts bring more external supervision,so as to reduce the risk of stock market crash.The research results of this paper have important theoretical and demonstrative significance for listed companies to improve the quality of information disclosure,reduce the risk of stock price crash,strengthen the designation and implementation of relevant policies on information disclosure of listed companies,and promote the stable and healthy development of the securities market.