Abstract: This paper takes China's listed companies from 2011 to 2022 as research samples and manually collects enterprise ISO27001 certification data to examine the impact of information security governance on enterprise stock price crash risk. The results show that improving the level of information security governance through ISO27001 certification can reduce the risk of stock price crash. The mechanism test shows that ISO27001 certification has a governance effect internally, which can improve the level of internal control of enterprises. Meanwhile, ISO27001 certification has an expected effect externally, as a credible commitment to future information security risk responsibility, which can improve market expectations. Heterogeneity analysis results show that ISO27001 certification plays a more significant role in stabilizing the capital market when business complexity is high and governance level is low. This paper not only theoretically expands the relevant research on the effect of information security governance and the risk mitigation mechanism of stock price crash, but also provides a basis for promoting the smooth operation of the capital market by using enterprise information security governance in practice.

Key words: Information Security Governance, ISO27001 Certification, Capital Market Stability

摘要： 本文以2011—2022年我国上市公司为研究样本,手工收集企业ISO27001认证数据,实证检验信息安全治理对企业股价崩盘风险的影响。研究结果表明,企业通过ISO27001认证提高信息安全治理水平会降低股价崩盘风险,促进资本市场平稳运行。机制检验表明,ISO27001认证对内具有治理效应,能够提高企业内控水平,增进有效的沟通;对外具有预期效应,作为一项企业未来信息安全风险承担责任的可置信承诺,可改善市场预期。异质性分析结果表明,当企业业务复杂度较高、治理水平较低时,ISO27001认证对稳定资本市场的作用更加显著。本文不仅在理论上拓展了信息安全治理影响效应和股价崩盘风险缓解机制的相关研究,而且在实践上能够为利用企业信息安全治理推动资本市场平稳运行提供依据。

关键词: 信息安全治理, ISO27001认证, 资本市场稳定