Definition of main indicators.

The impact of the degree and effectiveness corporate social responsibility (CSR) fulfillment on corporate value assessment by investors is significant. However, prior research on effects of CSR on stock price crash risk has showed contrasting results. Certain studies suggest that an abundance of CSR can become a self-serving tool for management. This may lead to concealing and accumulating negative information, resulting in stock price collapse. Based on principal-agent theory, we suggest that CSR equilibrium could be an effective approach to prevent the concealment of negative events by managers. Employing data from Chinese A-share listed companies spanning 2010 to 2020, we examine how CSR equilibrium and corporate governance levels influence the risk of stock price collapse across entities with different property rights. Empirical findings indicate that a balanced distribution of CSR can mitigate the risk of stock price collapse. Furthermore, we find that higher levels of corporate governance can mitigate the negative impact of CSR equilibrium on stock price collapse risk. Interestingly, this governance effect is more pronounced in state-owned enterprises compared to private enterprises, where the likelihood of hiding adverse information is higher. Additionally, it provides a theoretical explanation for the impact of CSR equilibrium on the risk of stock price collapse, based on the principal-agent problem, thereby expanding the applicability of the theory. Practically, the research findings carry significant implications for listed companies, CSR rating agencies, and investors.

企业社会责任（Corporate Social Responsibility）的履行程度与有效性，对投资者的企业价值评估具有显著影响。然而，既往关于企业社会责任对股价崩盘风险影响的研究结论却存在显著分歧。部分研究认为，过度履行企业社会责任可能沦为管理层谋取私利的工具，这或将导致负面信息被隐瞒与累积，最终引发股价崩盘。
基于委托代理理论，本文提出企业社会责任均衡可作为防范管理层隐瞒负面事件的有效路径。本文以2010至2020年中国A股上市公司为研究样本，检验了不同产权性质下，企业社会责任均衡与公司治理水平对企业股价崩盘风险的影响。
实证研究结果表明，企业社会责任的均衡配置能够有效降低股价崩盘风险。进一步分析发现，更高水平的公司治理能够强化企业社会责任均衡对股价崩盘风险的抑制作用。值得注意的是，相较于民营企业，这一治理效应在国有企业中更为显著——而民营企业管理层隐瞒负面信息的可能性更高。
此外，本文基于委托代理问题，为企业社会责任均衡对股价崩盘风险的影响提供了理论解释，拓展了该理论的适用边界。从实践层面而言，本研究结论对上市公司、企业社会责任评级机构以及投资者均具有重要的参考意义。