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

摘要： 审计是现代企业治理结构中的关键环节，对于防范股价崩盘风险具有重要作用。使用2010—2023年沪深A股上市公司数据，实证探究审计质量对股价崩盘风险的影响，并考察这种影响的产权及区域异质性等。研究结果表明：上市公司审计质量提升能够显著降低股价崩盘风险；会计信息披露质量发挥部分中介效应；处于市场化水平较高地区的上市公司，审计质量抑制股价崩盘风险的效应更加显著；相较于国有企业和非制造业上市公司，非国有企业和制造业企业的审计质量对股价崩盘风险的负向效应更为显著。

关键词: 股价崩盘风险；审计质量；会计信息披露质量