【摘要】 在扎实推进共同富裕的背景下，企业参与共同富裕是否能够缓解股价崩盘风险值得关注。本文基于2011-2021年A股上市企业数据，采用熵值法，从初次分配、再分配和第三次分配测度企业共同富裕指数，厘清企业参与共同富裕作用于股价崩盘风险的效应与路径。研究发现:第一，企业参与共同富裕能显著降低股价崩盘风险。第二，阈值效应检验显示，随着企业共同富裕指数的提升，降低崩盘风险的边际效应逐步增加;第三，机制分析表明，企业参与共同富裕能够通过缓解财务困境与融资约束，降低股价崩盘风险。据此，本文提出要进一步完善分配、纳税制度与相关法律法规，支持、引导企业回馈社会。以期不断提升企业参与共同富裕水平，降低股价崩盘风险。更多还原

【Abstract】 Against the backdrop of solidly promoting common prosperity, whether enterprises ’participation in common prosperity can mitigate stock price crash risk deserves attention. Based on the data of A-share listed companies from 2011 to 2021,this paper uses the entropy method to measure the corporate common prosperity index from the primary distribution,redistribution,and third distribution,and clarifies the effect and path of enterprises’ participation in common prosperity on stock price crash risk. The study finds that: first,enterprises’ participation in common prosperity can significantly reduce the stock price crash risk; second,the threshold effect test shows that with the increase of the corporate common prosperity index,the marginal effect of mitigating crash risk gradually increases; third,the mechanism analysis shows that enterprises’ participation in common prosperity can reduce the stock price crash risk by alleviating financial distress and financing constraints. Accordingly,this paper puts forward policy suggestions such as further improving the distribution and taxation systems and relevant laws and regulations,and supporting and guiding enterprises to give back to society. In order to continuously enhance the level of common prosperity within enterprises,thereby reducing the risk of stock price collapse.更多还原