中文摘要：

利用2002～2013年中国A股上市公司12861个观察样本数据，本文实证检验了管理者过度自信对股价崩盘风险的影响，并进一步考察了内部控制质量的调节作用。结果发现，管理者过度自信显著提高了上市公司股价未来的崩盘风险。同时，高质量的内部控制，有利于缓解管理者过度自信对股价崩盘风险的正向影响。经过对内生性、主要变量度量方法、替代性解释、市场板块差异等问题进行分析与测试后，上述研究结论仍然稳健可靠。本文的研究结论对于全面理解中国上市公司股价崩盘的成因以及如何防范股价崩盘风险都具有较大的理论意义和实践启示。

英文摘要：

Using a dataset of 12 861 observations from Chinese A-share listed companies from 2002 to 2013, this study examines the impact of managerial overconfidence on firms＇ future stock price crash risk, and further explores the moderating role of internal control quality on the relationship between managerial overconfidence and stock price crash risk. We find that managerial confidence significantly increases firms＇ stock price crash risk. Meanwhile, high quality of internal control can alleviate the impact of managerial overconfidence on stock price crash risk. Our results remain same after controlling several robustness checks such as endogeneity, variable measurement, alternative explanation, and market board differences. Overall, this study deepens our understanding of the antecedents of stock price crash and provides some implications to avoid stock price crash risk in China.