Strategic Difference,Audit Quality And The Risk Of Share Price Collapse

In the capital market,the "swell" and "slump" of stocks are an important signal,especially the "slump" of the stock price caused by the stock price crash,which will inevitably cause destruction to the healthy development of the capital market and the wealth of investors.Sexual blows have attracted widespread attention from regulators,investors and academia.China's economy is in a critical period of rapid growth to high-quality growth,and competition in the capital market is becoming increasingly fierce.More and more listed companies are optimizing the allocation of resources from a strategic perspective in order to improve their market competitive position.However,the differentiation strategy is a "double-edged sword" for the company's operations.It has the characteristics of high returns and high risks.In this context,based on the agency theory and information asymmetry theory,this paper discusses the relationship between corporate strategic difference and stock market crash risk and its influencing mechanism.At the same time,it integrates the external audit as a monitoring method to seek to stabilize the capital market and protect investor interests Effective way.First,the multiple linear regression model is used to analyze the correlation between the strategic divergence of the company and the risk of stock market crash;Secondly,the Sobel test and group regression are used to verify that financing needs and agency conflicts are two ways in which a company's strategic difference affects the risk of stock market crashes.Finally,the samples are divided into high-quality audit groups(by the "Big Four" Audit)and low-quality audit team(audited by non-"Big Four")to study the differences in the impact of company strategic differences on stock market crash risk under different external monitoring environments.The research conclusions show that:(1)There is a significant positive correlation between corporate strategy differences and stock price collapse risk.Specifically,on the one hand,companies that choose a differentiation strategy need to invest more funds to manage new products and develop new markets.Hidden bad information to meet higher funding needs increases the risk that the company's share price will collapse.On the other hand,in companies with large strategic differences,executives are likely to adopt aggressive investment strategies in order to achieve excess profits.Motivation has increased the business risk of the enterprise,leading to an increased risk of stock price crash.(2)High-quality audits can weaken the correlation between the degree of strategic disparity and the risk of a company's stock price crash.Companies with large strategic disparities have more serious agency problems.The opportunity for management to publicly disclose transparent accounting information is suppressed and high-quality The external audit can alleviate the degree of information asymmetry,which is not conducive to the management of concealing unfavorable information,thereby reducing the risk of stock price crash.