互联网基础设施建设能否成为资本市场"避雷针"?OA北大核心CHSSCDCSSCICSTPCD

From the perspective of the development of internet infrastructure in the context of"New Infrastructure,"this paper empirically studies the impact of internet development in"New Infrastructure"on stock price crash risk,based on the panel data of the A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2023.The research finds that the development of the internet can significantly reduce stock price crash risk.The conclusion still holds after a series of robustness tests.The channel test finds that internet development can significantly reduce information asymmetry in the capital market,mitigating stock price crash risk from several aspects including increasing the information content of stock prices,improving stock liquidity,and promoting the use of emerging media by companies.The heterogeneity analysis finds that the impact of internet development on stock price crash risk is more pronounced in listed companies with a lower proportion of institutional ownership and those located in eastern provinces.The paper provides a theoretical bias for actively promoting the development of internet information technology and preventing capital market risks.