我国资本市场的建设逐渐成熟，但上市公司股价崩盘的现象仍时有发生，损害了投资者的信心，造成金融市场的恐慌，带来严重的经济后果。金融市场的稳定关系着实体行业的健康发展，为此公司在应对股价暴跌风险方面也一直努力探索着。党的十九大以来，防范金融风险被提上了新的高度，对公司的规范运营也提出了新的要求。因此，为上市公司做好预防金融风险和股价崩盘后的公关补救工作，研究股价崩盘风险对线上投资者关系管理影响成为学术界和实务界共同关注的话题。
    本文通过梳理以往研究，以2009-2017年我国A股上市公司为样本，结合我国公司实际情况，实证研究股价崩盘风险对未来线上投资者关系管理的影响。研究结果表明：（1）公司股价崩盘风险与后续线上投资者关系管理呈显著正向关系，表现在改善对投资者的询问回复率和回复时间上；（2）信息透明度对上述关系具有负向调节作用，当信息透明度较低时，股价崩盘风险对线上投资者关系管理的提高效应更显著；（3）融资约束对上述关系具有正向调节作用，当融资约束水平较高时，股价崩盘风险对线上投资者关系管理的正向影响越显著；（4）高管金融背景对上述关系具有正向调节作用，在高管金融比例高的公司中，股价崩盘风险对线上投资者关系管理的正向关系更显著，尤其体现在对线上投资者问答回复率的正向影响。最后根据上述结论，本文从上市公司、监管机构及投资者的角度提出了政策建议。

The construction of China's capital market is gradually mature, but the phenomenon of stock price collapse of listed companies still happens from time to time, which damages investors' confidence, causes panic in the financial market and brings serious economic consequences. The stability of the financial market is related to the healthy development of the real industry, so the company has been trying to deal with the risk of stock price slump. Since the 19th National Congress of the Communist Party of China, the prevention of financial risks has been raised to a new height, and new requirements have been put forward for the standardized operation of companies. Therefore, for listed companies to prevent financial risks and public relations remedial work after stock price crash, research on the impact of stock price crash risk on online investor relationship management has become a topic of common concern in academic and practical circles.

Based on previous studies, this paper empirically studies the impact of stock price crash risk on future online investor relationship management by taking China's A-share listed companies from 2009 to 2017 as samples and combining the actual situation of Chinese companies. The results show that: (1) There is a significant positive relationship between the risk of stock price crash and subsequent online investor relationship management, which is reflected in the improvement of the response rate and reply interval to investors' inquiries; (2) Information transparency has a negative moderating effect on the above relationship. When the information transparency is low, the improvement effect of stock price crash risk on online investor relationship management is more significant; (3) Financing constraint has a positive moderating effect on the above relationship. When the level of financing constraint is high, the positive impact of stock price crash risk on online investor relationship management is more significant; (4) The financial background of senior executives has a positive moderating effect on the above relationship. In the companies with a high proportion of senior executives in finance, the stock price crash risk has a more significant positive effect on the online investor relationship management, especially on the online investor question and answer response rate. Finally, based on the above conclusions, this paper puts forward policy suggestions from the perspective of listed companies, regulators and investors.