The influence of lazy information disclosure on stock price crash risk: Empirical evidence from China.

Abstract

Information disclosure is an important way for investors to obtain information, the annual report text carries a lot of information, lazy information disclosure is an important form of information disclosure of the annual report text. This paper takes China's A-share listed companies from 2011 to 2022 as the research sample, takes the annual report text information disclosure form as the entry point, uses the computer text analysis technology to measure the text similarity of the annual report to measure the lazy information disclosure, and explores its impact on stock price crash risk. The results show that there is a positive correlation between the similarity of annual report text and the risk of stock price crash, that is, when the information of annual report text is presented in the form of lazy information disclosure, the risk of stock price crash increases. For companies audited by key auditing institutions, the positive correlation between the similarity of their annual reports and the risk of stock price crash is not significant, indicating that key auditing institutions will weaken the positive correlation between lazy information disclosure and the risk of stock price crash. Further, through external attention and analysis of the time delay of annual report disclosure, it is concluded that the management lacks the opportunity and time to hide the bad news, so it is clear that the lazy information disclosure comes from the business situation "the fact is so". The research conclusion of this paper provides evidence support for the influence of lazy information disclosure on stock price crash risk, and also provides useful reference for regulators to improve information disclosure policies and effectively prevents and resolves stock price crash risk.