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To explore the relationship between corporate green technological innovationand the risk of stock price crashes, we first analyzed the data of listedcompanies in China from 2008 to 2018 and constructed indicators for thequantity and quality of corporate green technology innovation. The study foundthat the quantity of green technology innovation is not related to the risk ofstock price crashes, while the quality of green technology innovation isnegatively related to the risk of stock price crashes. Second, we studied theimpact of corporate ownership on the relationship between the quality of greentechnological innovation and the risk of stock price crashes and found that innonstate-owned enterprises, the quality of green technological innovation isnegatively correlated with the risk of a stock price collapse, while instate-owned enterprises, the quality of green technological innovation and therisk of a stock price collapse are positive and not significant. Furthermore,we studied the mediating effect of the number of negative news reports in themedia of listed companies on the relationship between the quality of corporategreen technology innovation and the stock price crash and found that thequality of green technology innovation is positively correlated with the numberof negative news reports in the media of listed companies, while the number ofnegative news reports in the media of listed companies is positively correlatedwith the risk of a stock price collapse. Finally, we conducted a DID regressionby using the impact of exogenous policy shocks on the quality of greentechnology innovation, and the main results passed the robustness test.

"Stabilizer" or "catalyst"? How green technology innovation affects the  risk of stock price crashes: an analysis based on the quantity and quality of  patents