Using all the Ashare companies listed in Shenzhen Stock Exchange between the first quarter of 2010 and the third quarter of 2015, this paper studies the relationship between stock crash risk and negative tone of investors' questions, board secretaries' answers on the “Hudongyi” Online Communication System. We find that the negative tone of investors' questions can significantly decrease stock crash risk but the negative tone of board secretaries' answers can't. Moreover, the negative relationship between the negative tone of investors' questions and stock crash risk is more pronounced in stocks which are owned by more institutions. Additional analysis show that institutions hold few shares and are prone to sell stocks when the tone of investors' questions is more negative; the negative tone of investors' questions can significantly decrease information asymmetry; there is no significant correlation between positive tone of investors' questions and stock crash risk. This paper enriches literature related to information communication between management and investors and stock crash risk.

本文采用2010年第1季度—2015年第3季度深交所上市公司作为研究对象，对“互动易”问答平台上企业与投资者沟通的内容与股价崩盘风险之间的关系进行了研究，具体而言，研究投资者提问以及董秘回复的负面语气是否能够降低相应公司股价崩盘风险。研究发现：首先，投资者提问的负面语气能够显著降低公司的股价崩盘风险，董秘回复的负面语气则与股价崩盘风险不相关。其次，机构投资者持股比例较高或持股户数较多的股票，公司股价崩盘风险与投资者提问的负面语气之间的负向关系更强。此外，进一步的分析表明，投资者提问的语气越负面，机构投资者下期的持仓越小，越倾向于卖出股票，且投资者提问的负面语气能够显著地降低信息不对称；投资者正面语气与股价崩盘风险之间不存在显著的相关性。本文为管理层与投资者信息交流机制方面的研究以及股价崩盘风险方面的文献提供了有益的补充。