In recent years, the continuous occurrence of stock price crashes and the significant financialization trend of non-financial firms have aroused widespread attention from regulators, investors and academia. Based on the panel data of China’s A-share non-financial listed companies from 2010 to 2023, this paper designed a rigorous empirical research program and utilized descriptive statistical analysis, correlation analysis, multiple regression analysis and other analytical methods to explore the impact of enterprise financialization on stock price crash risk. The empirical results show that enterprise financialization is conducive to attenuating future stock price crash risk.
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Ying Lin (2024) studied this question.
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