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.

本文选取2011-2016年深沪两地主板上市公司面板数据为研究对象,构建公司治理综合指数与会计稳健性与公司治理指数的交集。基于此，运用混合效用模型实证检验了会计稳健性、公司治理与股价崩盘风险之间的关系。结果表明：会计稳健性、公司治理与股价崩盘风险呈负相关，保守的会计政策能有效抑制股价崩盘的发生，较高的公司治理水平能有效降低未来股价崩盘的可能性崩溃，会计稳健性和公司治理在防范股价崩盘风险方面具有替代效应，较高的公司治理水平可以显着降低会计稳健性对未来股价崩盘风险的负面影响。本文还从提高会计稳健性和加强公司治理两个方面提出降低股价崩盘风险的建议,可为资本市场持续稳定发展提供参考。