中国的证券市场正处于起步阶段，市场已初具规模，但由于市场监管力度不足、市场信息不对称等问题，我国证券市场多次发生证券价格暴涨暴跌的现象，扰乱了证券市场健康的秩序，使得资源配置的效率降低，甚至引发社会的动荡。因此文章围绕股价崩盘风险这一话题进行讨论，有利于剖析造成股价崩盘的原因以及探讨股价崩盘风险的影响因素。同时，伴随着对企业积极承担环境责任、社会责任和提升治理能力的话题讨论，ESG理念开始出现在社会视野中，但我国ESG实践起步较晚，不仅需要政府和监管当局完善ESG评价体系和加强政策指引，还需要学术界提供相关的理论研究支持。

本文将探讨企业ESG表现对股价崩盘风险影响这一话题，采用2012年-2021年我国A股上市公司的面板数据，以企业ESG评级作为解释变量，股票收益率上下波动的比率用于衡量股价崩盘风险作为被解释变量，基于利益相关者理论、委托代理理论、信息不对称理论和信号理论，对企业ESG表现与股价崩盘风险的关系提出假设，通过实证验证得出结论，进一步从产出效应、代理成本和投资者情绪角度切入，探讨ESG表现对股价崩盘风险降低效应的传导机制，并分别从企业层面、行业层面和地区层面进行异质性分析，最后根据文章结论为我国ESG实践提出建设性意见。

文章得出以下结论：第一，企业ESG表现对股价崩盘风险具有降低效应，当企业的ESG表现越好，企业管理层想要隐瞒利空消息或者夸大利好消息的可能性越低，使得企业股价更能反映企业的实际经营情况，不易发生股价崩盘事件，股价崩盘风险更低；第二，从企业ESG表现良好通过提高企业全要素生产率、缓解代理冲突和提高投资者情绪三条路径抑制股价崩盘风险。从生产力层面看，企业ESG表现能够提升企业全要素生产率，提高企业绩效，降低了股价崩盘风险。生产关系层面看，ESG表现良好对内可以缓解代理冲突，缓解管理者隐瞒了企业的坏消息的动机，对外可以提高投资者情绪，缓释利空消息造成的负面影响，从而抑制股价崩盘风险。第三，异质性分析发现，大规模、市场地位高的企业ESG表现对股价崩盘风险的降低效应更显著，所在行业财务舞弊识别难度高的企业、所在地区市场化水平高的企业的ESG表现对股价崩盘风险的降低效应更显著。

China's securities market is in its infancy. And the market has begun to take shape. But due to insufficient market supervision and asymmetric market information, China's securities market has repeatedly experienced the phenomenon of sharp rise and fall of securities prices, disrupting the healthy order of the securities market, reducing the efficiency of resource allocation, and even causing social turmoil. Therefore, this article discusses the topic of stock price crash risk, which is conducive to analyzing the causes of stock price crash and discussing the influencing factors of stock price crash risk. At the same time, along with the discussion of social responsibility for enterprises to assume environmental responsibility, social responsibility and improve governance capabilities, ESG concepts began to appear in the social vision. But China's ESG practice started late, which not only requires the government and regulatory authorities to improve the ESG evaluation system and strengthen policy guidance, but also requires relevant theoretical research support from academia.

This article discusses the topic of the impact of corporate ESG performance on the risk of stock price crash. Using panel data from A-share listed companies in China from 2012 to 2021. This paper serves corporate ESG ratings as an explanatory variable, and uses the ratio of fluctuations in stock returns to measure the risk of stock price crash as the explanatory variable, based on stakeholder theory, principal-agent theory, information asymmetry theory, and signal theory, Assume the relationship between enterprise ESG performance and stock price crash risk, and draw conclusions through empirical verification. Further, explore the transmission mechanism of ESG performance on stock price crash risk reduction from the perspective of output effect, agency cost, and investor sentiment. Conduct heterogeneity analysis from the enterprise level, industry level, and regional level, respectively. Finally, based on the conclusions of the article, provide constructive suggestions for China's ESG activities.

The paper draws the following conclusions: First, the ESG performance of a company is significantly negatively correlated with the risk of stock price crash, which has a reducing effect. That is, when the ESG performance of a company is better, the lower the likelihood that the management of the company wants to conceal bad news or exaggerate good news, making the company's stock price more reflective of the actual operating situation of the company, making it less prone to stock price crash events, and reducing the risk of stock price crash; Secondly, from the perspective of good ESG performance, the risk of stock price crash can be suppressed through three paths: improving enterprise total factor productivity, alleviating agency conflicts, and improving investor sentiment. From the perspective of productivity, corporate ESG performance can improve total factor productivity, improve corporate performance, and reduce the risk of stock price crash. From the perspective of production relations, good performance of ESG can alleviate agency conflicts internally, alleviate the motivation of managers to conceal bad news from enterprises, and externally improve investor sentiment, mitigate the negative impact of bad news, thereby mitigating the risk of stock price crash. Thirdly, the heterogeneity analysis found that the ESG performance of large scale and high market position enterprises has a more significant reduction effect on the risk of stock price crash. And the ESG performance of enterprises with high financial identification difficulties in the industry and enterprises with a high level of marketization in their regions has a more significant effect on reducing the risk of stock price crash.