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.
钟娟，马云飞，魏彦杰. 财会监督体系改革试点对企业股价崩盘风险的影响研究[J]. 管理学报, 2025, 22(10): 1949-.
ZHONG Juan，MA Yunfei，WEI Yanjie. Study on the Impact of the Pilot Reform of Financial and Accounting Supervision System on the Risk of Stock Price Crash. Chinese Journal of Management, 2025, 22(10): 1949-.
