选取2008年至2013年A股上市公司数据，从市场信息的角度，通过考察公司微观环境不确定性如何影响公司的披露策略及两者的交互作用对股价暴跌风险的影响，探索微观环境不确定性与信息环境之间的互动关系。研究结果表明，环境不确定性与公司股价暴跌风险显著正相关，财务报告透明度对环境不确定性与股价暴跌风险之间的关系具有调节作用，高财务报告透明度可以降低环境不确定性对股价暴跌风险的影响。进一步研究发现，随着环境不确定性的增加，公司财务报告透明度呈现先降后升的趋势。%Based on the Chinese listed A-share firms from 2008 to 2013,we take market information views to study the effects of mi-cro-environment uncertainty on the disclosure strategies and the effects of interaction of both of them on stock price crash risk. Re-sults show that there is a positive correlation between environmental uncertainty and stock price crash risk,financial reporting trans-parency has a moderate effect on the relationship between environmental uncertainty and stock price crash risk,it means that with high-er extent of financial reporting transparency,the affect of environmental uncertainty on stock price crash risk is less prominent. We fur-ther find that financial reporting transparency is up after a decline with the increasing of the level of environmental uncertainty.
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