中文摘要：

选取2001年至2009年A股数据,从市场信息的角度,通过考察会计稳健性、信息不透明程度与股价暴跌风险三者之间的交互影响,探索会计稳健性与信息环境之间的互动关系,采用Logistic回归和OLS回归模型进行实证分析。研究结果表明,伴随着会计稳健性的提高,公司股价的暴跌风险显著降低,证实会计稳健性作为会计信息质量特征所具有的市场功能;信息不透明程度越高的企业,其股价暴跌风险也越高。进一步考察信息不透明程度对会计稳健性治理效应的影响,发现会计稳健性对于股价暴跌风险的治理作用在信息不透明程度高的公司更加显著,也可以理解为会计稳健性和信息透明度之间可以部分替代。

英文摘要：

Selecting data from Chinese A-share companies during 2001 and 2009 as samples, we take market information views to investigate the relationship among the accounting conservatism, information opacity and stock price crash risk, explore the inter- active relationship between the conservatism and information environment and use Logistic regression model and OI_,S reg~ssion model for empirical analysis. The results indicate that along with the improvement of accounting conservatism, the stock price crash risk significantly decreases, which proves the market functions of accounting conservatism as accounting information quality characteristics. The stock price crash risk is greater in enterprises with higher degree of information opacity. Our research further examines how the information opacity affects the governance effect of accounting conservatism and we find the governance effect of accounting conservatism on the stock price crash risk is more distinct in enterprises with higher degree of information opacity. In another word, accounting conservatism and information transparency can partially substitute each other.