  To explore the relationship between corporate green technological innovation
and the risk of stock price crashes, we first analyzed the data of listed
companies in China from 2008 to 2018 and constructed indicators for the
quantity and quality of corporate green technology innovation. The study found
that the quantity of green technology innovation is not related to the risk of
stock price crashes, while the quality of green technology innovation is
negatively related to the risk of stock price crashes. Second, we studied the
impact of corporate ownership on the relationship between the quality of green
technological innovation and the risk of stock price crashes and found that in
nonstate-owned enterprises, the quality of green technological innovation is
negatively correlated with the risk of a stock price collapse, while in
state-owned enterprises, the quality of green technological innovation and the
risk of a stock price collapse are positive and not significant. Furthermore,
we studied the mediating effect of the number of negative news reports in the
media of listed companies on the relationship between the quality of corporate
green technology innovation and the stock price crash and found that the
quality of green technology innovation is positively correlated with the number
of negative news reports in the media of listed companies, while the number of
negative news reports in the media of listed companies is positively correlated
with the risk of a stock price collapse. Finally, we conducted a DID regression
by using the impact of exogenous policy shocks on the quality of green
technology innovation, and the main results passed the robustness test.
