中文摘要：

以1992-2015年中国A股上市公司为样本,探讨上市公司违规行为与股价崩盘风险的关系,发现二者呈显著正相关关系。进一步研究发现,当公司内部和外部治理水平较差、公司信息不对称程度较高时,上市公司违规行为与股价崩盘风险的正相关关系更加显著。这表明,上市公司违规行为可能同时通过＂治理＂效应和＂信息＂效应影响股价崩盘风险。

英文摘要：

Taking China＇s listed companies as a sample from year 1992 to year 2015, this paper explores the relationship between the violations and the risk of stock price crash. We find that,violation is significantly positive to stock price crash risk. After a series of robust tests, the conclusion is still robust. In the further study, when the levels of company＇s internal governance and external governance are poor, or the higher the degree of asymmetric information, the positive correlation between the illegal behavior and the risk of stock price crash is more significant. These results indicate that the illegal behavior may also affect the risk of stock price crash through the ＂governance＂ effect and ＂information＂ effect.