【摘要】 将推行常态化监督新模式的财会监督改革试点作为准自然实验，以2013～2022年A股上市企业为样本，研究试点政策对企业股价崩盘风险的影响及作用机制。研究发现，试点政策能够降低企业股价崩盘风险。机制检验表明，提高企业经营稳定性、提升内部治理水平以及缓解企业与市场间的信息不对称，是试点政策抑制股价崩盘风险的关键所在。异质性分析发现，上述抑制效应在经济地位较低、财务困境较高、投资效率较低以及非国有的企业中更为强烈。拓展性研究表明，试点政策能通过抑制企业崩盘风险进一步降低其融资成本，并减弱市场的整体波动性。更多还原

【Abstract】 This study takes the financial and accounting supervision reform pilot project of implementing the new mode of normal supervision as a quasi-natural experiment,takes the A-share listed enterprises from 2013 to 2022 as samples,and tests the impact and mechanism of the pilot policy on the risk of enterprise stock price crash.The results show that the pilot policy can reduce the risk of stock price crash.Mechanism test shows that enhancing the operating stability of enterprises,improving the level of internal governance,and alleviating the information asymmetry between enterprises and the market are the key points for the pilot policy to curb the risk of stock price crash.Heterogeneity analysis reveals that the inhibitory effect is more pronounced in firms with lower economic status,higher financial distress,lower investment efficiency,and in non-state-owned enterprises.Besides,an extended study shows that the pilot policy can further reduce the financing costs and reduce the overall volatility of the market by suppressing corporate crash risk.更多还原