This paper selects the panel data of the main board listed companies in Shenzhen and Shanghai from 2011 to 2016 as the research object and constructs the intersection of corporate governance comprehensive index and accounting conservatism and corporate governance index. Based on this, the mixed utility model is used to empirically test the relationship between accounting conservatism, corporate governance, and stock price collapse risk. The results show that: accounting conservatism, corporate governance and stock price collapse risk are negatively correlated, and conservative accounting policies can effectively restrain the occurrence of the stock price collapse, and higher levels of corporate governance can effectively reduce the possibility of the future stock price crash, and accounting conservatism and corporate governance have substitution effects in preventing the risk of the stock price collapse, and higher corporate governance levels can significantly reduce the negative impact of accounting conservatism on future stock price collapse risks. This paper also puts forward some suggestions to reduce the risk of stock price collapse from two aspects of improving accounting conservatism and strengthening corporate governance, which can be used as the reference for the sustainable and stable development of the capital market.

本文以2011年至2016年深圳和上海主板上市公司的面板数据为研究对象，构建了公司治理综合指数与会计稳健性及公司治理指数的交集。在此基础上，采用混合效用模型对会计保守性，公司治理与股价崩盘风险之间的关系进行实证检验。结果表明：会计稳健性，公司治理与股价崩盘风险呈负相关，保守的会计政策可以有效抑制股价崩盘的发生，更高水平的公司治理可以有效降低未来股价的可能性。崩溃，会计稳健性和公司治理对防止股票价格暴跌的风险具有替代作用，而更高的公司治理水平可以显着降低会计保守性对未来股价暴跌风险的负面影响。本文还从提高会计稳健性和加强公司治理两个方面提出了降低股票价格暴跌风险的一些建议，可以为资本市场的持续稳定发展提供参考。