Abstract
ABSTRACT This paper uses the sample companies in China, taking the promulgation and implementation of the <<Catalogue for the Guidance of Industries for Foreign Investment>> as an external event shock, and studies the impact of product market competition on stock price crash risk. The result shows that product market competition significantly reduces stock price crash risk, which is quite different from the conclusion under the American economic environment. Further research finds that high management agency problems and opacity of enterprise information may be the impact channel of product market competition to reduce stock price crash risk.
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