This article delves into the data of A-share listed private companies from 2010 to 2022, utilizing a DID model to conduct a comprehensive study on how the establishment of party organizations affects the risk of stock price crashes. The research reveals that party organizations significantly mitigate the risk of stock price crashes in private enterprises, particularly in areas with higher marketization levels, among younger companies, and in companies with weaker internal governance. The introduction of party organizations bolsters internal oversight mechanisms, enhancing corporate governance quality and encouraging companies to embrace social responsibilities and ethical standards, thereby minimizing risk accumulation.

中文翻译：

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从治理到稳定：民营企业党组织如何影响股价崩盘风险

本文深入研究2010年至2022年A股上市民营企业的数据，利用DID模型，全面研究党组织建设对股价崩盘风险的影响。研究表明，党组织显着降低了民营企业股价崩盘的风险，特别是在市场化程度较高的地区、较年轻的企业以及内部治理较弱的企业中。党组织的引入加强了内部监督机制，提高了公司治理质量，鼓励企业承担社会责任和道德标准，从而最大限度地减少风险积累。