本文以2013-2022年我国非金融业A股上市公司的面板数据为研究样本，通过控制年度、公司固定效应的多元回归模型，研究了企业配置金融资产对自身股价崩盘风险的综合影响及其通过投资效率的传导机制，该影响在不同股权性质、处于不同生命周期的、不同信息披露质量的公司间存在的差异，以及上市公司任用具有金融从业背景的高管对该影响起到的调节作用。我国非金融业上市公司配置金融资产主要出于“蓄水池”目的，而不是以“投资替代”动机为主导，其结果表现为金融资产占总资产的比重与股价崩盘风险呈现显著的负向相关，其中投资效率发挥了中介作用。从总体样本来看，企业购买金融资产起到了预防性储蓄的作用，为未来的投资提供了资金来源，减少因为资金约束出现的投资不足，而非因购买金融资产挤占原有的主业投资。非效率投资程度的减少能够提高公司的经营业绩，从而缓解股价崩盘风险。在国有企业的子样本里，金融资产配置的增加对于股价崩盘风险没有产生显著影响；但是在非国有企业中，金融资产的配置比例增加能显著降低自身的股价崩盘风险。由于民营企业面临更多融资约束，其更多是出于“预防性储蓄”目的配置金融资产；而国有企业的获利动机较民营企业更为突出。对于处于不同生命周期的公司，成熟期的企业生产经营情况趋于稳定，且能够产生稳定的经营性现金流流入，公司将实业投资以外的富余资金配置金融资产，有助于提升公司整体的投资效率，因而金融资产配置比例的提升显著地降低了股价崩盘风险。但是对于处在初创和成长期、衰退和淘汰期的公司而言，二者并不存在显著的关系。具备金融背景的高管可以强化公司配置金融资产的“蓄水池效应”，而减弱“挤出效应”，从而放大了金融资产配置对于股价崩盘风险的缓解作用，即产生了正向的调节作用。这可能是因为具有金融背景的高管的专业素养与风险管理意识能够及时纠正公司的短视行为，以及曾经从事金融行业的高管能够为所在企业的外部融资更好地开拓渠道，从而减少购置金融资产对于主业业务投资的挤出作用。

Taking the panel data of China‘s non-financial A-share listed companies from 2013-2022 as the sample, this paper investigates the comprehensive impact of firms‘ allocation of financial assets on their own share price crash risk and its mechanism through investment efficiency by using multivariate regression modeling with firm and year fixed-effects controlled. It also examines the differences in this effect across firms with different nature of shareholdings, in different life cycles, and with different disclosure quality, and the moderating effect of the appointment of executives with financial backgrounds.The allocation of financial assets by non-financial listed companies in China is mainly for the purpose of "reservoir" rather than "substitution", which results in a significant negative correlation between the proportion of financial assets in total assets and the risk of stock price crash, with investment efficiency playing a mediating role. From the overall sample, the purchase of financial assets plays the role of precautionary savings, provides a source of funds for future investment, reduces underinvestment due to financial constraints, and does not crowd out the original main business investment. The reduction in the degree of inefficient investment can improve the company‘s operating performance, thus mitigating the risk of stock price crash. In the sub-sample of state-owned firms, the increase in financial asset allocation has no significant effect on the risk of stock price crash, while in non-state-owned firms, the allocation of financial assets can significantly reduce their own risk of stock price crash. As private firms face more financing constraints, they allocate financial assets for "precautionary saving" purposes, while SOEs have a more prominent profit motive than private firms. For companies in different life cycles, the production and operation of mature companies tends to be stable, and can generate stable operating cash flow inflow, the company will allocate the surplus funds other than industrial investment to financial assets, which can help to improve the overall investment efficiency of the company, and thus the increase in the proportion of the allocation of financial assets significantly reduces the risk of stock price crash. However, there is no significant relationship between the two for firms in the start-up and growth period, and the decline and elimination period. Moreover, executives with financial background can strengthen the "reservoir effect" and weaken the "crowding out effect" of financial asset allocation, which amplifies the mitigating effect of financial asset allocation on the risk of stock price crashes, i.e., a positive moderating effect. This may be due to the fact that the professionalism and risk management awareness of executives with financial background can correct the short-sighted behavior of the company in a timely manner, as well as the fact that executives who used to work in the financial industry can open up better channels for the external financing of the enterprises they work for, thus reducing the crowding-out effect of the acquisition of financial assets on the investment in the main business.