公司治理、企业生命周期与股价崩盘风险

his paper empirically tested the relationship between the level of comprehensive corporate governance and the risk of stock price crash by using the data of a-share listed companies in Shanghai and Shenzhen from 2007 to 2017.On this basis, this paper further considers the characteristics of different development stages of enterprises, and empirically tests the differences between the impact of stock price crash risk and corporate governance on stock price crash risk in different life cycle stages of enterprises.Research findings :(1) the corporate governance level of listed companies can significantly reduce the risk of future stock price crash;(2) the stock price crash risk of listed companies is significantly different in different stages of the life cycle of enterprises. The stock price crash risk of mature companies is the least, followed by growth period, and the largest in decline period.(3) the inhibitory effect of corporate governance on the risk of future stock price crash changes with the enterprise life cycle. For enterprises in the growth and maturity stages, corporate governance can significantly inhibit the risk of future stock price crash, but has no significant inhibitory effect on enterprises in the decline stage.