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This study explores how clarification announcements by listed companies on the Shanghai and Shenzhen A-share main board (2013–2023) mitigate stock price crash risk. Utilizing a two-way fixed effects model and mediation analysis, we demonstrate that addressing false rumors effectively reduces the risk of crashes, and conclusions are robust to PSM and variable substitution tests. The mechanism analysis indicates that these announcements reduce information asymmetry, thereby lowering crash risk. Heterogeneity analysis reveals that the impact is more significant in companies with higher digitalization levels. The findings suggest that timely clarification announcements can stabilize stock prices by alleviating information disparities, and that embracing digital transformation can enhance the effectiveness of such announcements in maintaining market stability.

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The Impact of Clarification Announcements on Stock Price Crash Risk—Considering the Degree of Information Asymmetry and the Level of Digital Transformation

  • 会议论文

  • 发表日期：

    2025年

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  • Jiani Liu,
  • Mo Hai

摘要

This study explores how clarification announcements by listed companies on the Shanghai and Shenzhen A-share main board (2013–2023) mitigate stock price crash risk. Utilizing a two-way fixed effects model and mediation analysis, we demonstrate that addressing false rumors effectively reduces the risk of crashes, and conclusions are robust to PSM and variable substitution tests. The mechanism analysis indicates that these announcements reduce information asymmetry, thereby lowering crash risk. Heterogeneity analysis reveals that the impact is more significant in companies with higher digitalization levels. The findings suggest that timely clarification announcements can stabilize stock prices by alleviating information disparities, and that embracing digital transformation can enhance the effectiveness of such announcements in maintaining market stability.