本文选取2011-2018年中国沪深A股主板、中小板上市公司为样本，利用固定效应回归模型，实证分析了企业的创新投入、研发信息披露质量对于其股价崩盘风险的影响。研究结果表明：（1）企业创新投入显著增加了企业的股价崩盘风险；（2）研发信息披露质量越高，企业股价崩盘风险越低；（3）企业研发信息披露质量的提高将减弱创新投入与股价崩盘风险的正相关关系。本研究拓宽了有关企业创新、股价崩盘风险的实证研究，对于维护企业的平稳运营，维持证券市场的健康发展，也具有一定的启示意义。

This paper selects the listed companies on the Shanghai and Shenzhen A-share main board and small and medium-sized boards from 2011 to 2018 as samples, and uses a fixed-effect regression model to empirically analyze the impact of the company's R&D investment and R&D information disclosure quality on its stock price crash risk. The research results show that: (1) the company’s R&D significantly increases the risk of the company’s stock price crash; (2) the higher the quality of R&D information disclosure, the lower the risk of the company’s stock price crash; (3) the improvement in the quality of the company’s R & D information disclosure will weaken R&D investment Positive correlation with the stock price crash risk. This research broadens the empirical research on the risks of corporate R&D and stock price crash risk, and it also has certain enlightenment significance for maintaining the smooth operation of enterprises and maintaining the healthy development of the securities market.