关键词: 立董事,股价崩盘风险,媒体背景

Abstract: From the perspectives of the features of media professionals and the quality of information disclosure, this paper conducts an empirical test of the inhibiting effect of independent directors with media background on stock price crash risks. Further study finds out that this effect is mainly realized through the supervision on company senior managers and improving the quality of internal and external information communication. Meanwhile, the independent directors with media background who are older or highly educated can be more able to inhibit the risks of stock price crash. Finally, independent directors with media background can replace the external governance mechanism to play a role of inhibiting stock price crash risks. This study is conducive to a deep understanding of the internal mechanism of independent directors to curb stock price crash risks and provides reference to the study of the governing effect of media professionals in capital markets.

Key words: independent director; stock price crash risk; media background