Abstract: With the increasing number of listed companies joining strategic alliances, the capital market effects of strategic alliances and their function mechanisms have become significant research topics. This paper conducts an empirical test based on the related data of strategic alliance cooperation announcements issued by listed companies in China from 2009 to 2021. The findings show that joining strategic alliances can generally inhibit the future stock price crash risks faced by the enterprises. This inhibition effect is more significant in the samples with lower total factor productivity, higher financial risks, greater management power, and lower media attention, which indicates that improving enterprises'resource allocation efficiency andoperational stability, and strengthening internal and external supervision of the alliance are important paths for strategic alliances to reduce stock price crash risks. Further examination reveals that both equity strategic alliances and contractual strategic alliances can inhibit the stock price crash riskssignificantly. It is found after distinguishing the characteristics of the allied partiesthat this inhibition effect is more significant when the alliance object is a listed company and the nature of the enterprise is not a leading one. Therefore, the relevant government departments should create a favorable policy environment for listed companies to carry out strategic alliance cooperation, regulate the operation mechanism of the alliance, and give full play to the function of the strategic alliances to reduce the stock price crash risks and promote the steady and healthy development of the capital markets.

Key words: strategic alliances, stock price crash risk, resource allocation efficiency, supervision mechanism