Personal data security and stock crash risk:Evidence from China’s Cybersecurity Law  

作　　者：Ziwei Song 

机构地区：[1]Tsinghua University,School of Economics and Management,China

出　　处：《China Journal of Accounting Research》2024年第4期1-23,共23页中国会计学刊（英文版）

摘　　要：Using China’s Cybersecurity Law(CSL)as an exogenous shock,I examine how personal data security affects stock crash risk.I find that the stock crash risk of treatment firms(which collect personal data)significantly decreases after the CSL,and such decrease is larger when firms face greater personal data breach risk and have less transparent information environments before the CSL.Furthermore,treatment firms increase their investment in personal data protection after the CSL.Finally,enhanced personal data security increases firm value and promotes firms’social responsibility to stakeholders.Overall,I provide evidence of the importance of data security for the digital economy from the perspective of capital market stability,which may present implica-tions for data security policy worldwide.

关 键 词：Personal Data Data Security Stock Crash Risk Cybersecurity Law 

分 类 号：F832.51[经济管理—金融学]