关键词: 股价崩盘风险；审计质量；会计信息披露质量

Abstract: Audit is a key step in modern corporate governance structure and plays an important role in preventing the risk of stock price collapse.The paper uses data from A-share listed companies in Shanghai and Shenzhen from 2010 to 2023 to empirically explore the impact of audit quality on stock price collapse risk, and examines the property rights and regional heterogeneity of this impact. The research results indicate that the audit quality of listed companies can significantly reduce the risk of stock price collapse; the quality of accounting information disclosure plays a partial mediating role in it; the effect of audit quality on suppressing the risk of stock price collapse is more significant in listed companies located in regions with higher levels of marketization; compared to state-owned enterprises and non manufacturing listed companies, the negative effect of audit quality on the risk of stock price collapse is more significant for non-state-owned enterprises and manufacturing enterprises.

Key words: stock price crash risk; audit quality; quality of accounting information disclosure