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中文摘要：
采用我国上市公司2007—2012年数据,考察会计稳健性、产品市场竞争与股价崩盘风险之间的关系,实证结果显示：会计政策越稳健,企业未来的股价崩盘风险越低;产品市场竞争程度越高,企业未来的股价崩盘风险越低;产品市场竞争加强了会计稳健性和股价崩盘风险的关系。这说明会计稳健性和产品市场竞争均发挥了一定的治理作用,而且就降低股价崩盘风险而言,产品市场竞争与会计稳健性之间存在互补关系。
英文摘要：
With the data of China＇s listed companies during the period of 2007- 2012 as a sample,this paper makes an analysis on the relationship between accounting conservatism,product market competition and firm＇s future stock price crash risk.The results indicate that the accounting conservatism is significantly positive correlation with stock price crash risks,more competition in product market is associated with less stock price crash risks in the future. We also confirm that product market competition reinforces the relationship between accounting conservatism and stock price crash risk. It suggests that both accounting conservatism and product market competition play a significant role in corporate governance,and there exists a complementary relationship between product market competition and accounting conservatism in terms of reducing crash risk.
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