Overseas Expansion and Stock Crash Risks——An Empirical Analysis Based on Audit Quality and Enterprise Innovation Channels
Abroad expansion of corporation is a significant tactical decision for the development of cor-poration.We selected the A-share listed companies in Shanghai and Shenzhen from 2000 to 2022 as research samples to deeply probe the mechanism of the relationship between overseas expansion and stock crash risks.The results show that:Overseas expansion can prominently choke the stock crash risk of enterpri-ses.Corporations overseas expansion can restrain the probability of stock crash by external channels'im-provement of audit quality and the internal channels'improvement of corporations innovation performance.The inhibiting effect of overseas expansion on the threat of stock crash is more crucial in manufacturing in-dustry,civil engineering industry,scientific study and technology service industry,large market value cor-porations,corporations with low degree of information asymmetry and low external attention.
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