Analyst coverage and Stock Price Crash Risk: Based on the Perspective of Social Trust

The "14th Five-Year Plan" points out the need to establish and improve a comprehensive system for risk prevention, early warning, response, and accountability, while also strengthening integrity construction and building an efficient, standardized, and fair competitive market. This article is based on data from Chinese A-share listed companies from 2003 to 2018 and employs a multiple regression model to explore the relationship between analyst attention and stock price crash risk from the perspective of social trust. Research findings indicate that analyst attention increases the risk of stock price crashes for companies. Further research results suggest that in regions with higher social trust, the positive impact of media attention on the risk of stock price crashes is significantly reduced. The conclusion of this study remains valid after a series of robustness tests.