Social Responsibility Information Disclosure,envirionmental Uncertainty And Stock Price Crash Risk

As an emerging economy of capital market,the ups and downs of China's stock market in recent years have deeply affected investors and scholars.Compared with western developed capital market,stock prices slump phenomenon is more serious in our country,especially the share price collapse caused by shares tumbled,this phenomenon not only seriously affect the stability and the sustainable development of our capital market,but also will damage the investor wealth,causing investors lose confidence in the market,eventually cause serious damage to the development of the real economy in China.Because of this,exploring the countermeasures and methods to mitigate the risk of stock price crash has become a hot research topic in academia in recent years.In the early stage of the research on the influencing factors of the stock price crash risk,the research focused on the "management overcrowding hypothesis",and the information asymmetry was the fundamental reason for the increase of the stock price crash risk,which was also recognized by many scholars.In recent years,a number of scholars have studied the external forces that cause the risk of stock price crash,and found that investor sentiment is another major factor affecting the stock price crash.After investors receive the bad news of the enterprise,they are likely to sell a large number of stocks due to the lack of confidence in the enterprise,causing the stock price to fluctuate greatly.The disclosure of corporate social responsibility information is intended to convey a good image of corporate social responsibility to the outside world,which can not only provide investors with more "soft information" and reduce the degree of information asymmetry;It can also win more investors' confidence,improve the reputation of the company,and enhance investors' confidence in the company,thus stabilizing investor sentiment,reducing the possibility of heavy selling of stocks,and ultimately reducing the risk of stock price crash.But with China's economic transformation and the occurrence of a trade war with China,suppliers,customers and competitors and other market participants behavior prediction harder,external operating environment of our country enterprise increasing uncertainty,followed by degree of information asymmetry in capital market,in this background that the social responsibility information disclosure can reduce the risk share prices collapse? Will the role of social responsibility in the risk of stock price crash be affected by environmental uncertainty? Currently,no scholars have included environmental uncertainty into the impact of social responsibility information disclosure and stock price crash risk.Considering the effect of social responsibility information disclosure under different external environmental uncertainties,it is worth further discussion.In this paper,a-share listed companies from 2013 to 2018 are selected as research samples.Based on reputation theory,signal transmission theory,information asymmetry theory and stakeholder theory,the relationship between social responsibility information disclosure,environmental uncertainty and stock price crash risk is investigated.Research findings:(1)under other conditions unchanged,disclosure of social responsibility information can reduce the risk of future stock price crash;(2)environmental uncertainty will enhance the negative relationship between the disclosure of social responsibility information and the risk of stock price crash.(3)combined with the unique enterprise nature in China,the sample was divided into stateowned enterprises and non-state-owned enterprises according to the ownership nature,and it was found that the regulation effect of environmental uncertainty was more significant in non-state-owned enterprises.(4)in the further expansion analysis,by comparing the differences among listed companies in the main board,small and medium-sized board and gem board,it is found that the disclosure of social responsibility information in the small and medium-sized board and gem board can reduce the risk of stock price crash.Finally,the conclusion is still valid after robustness test.