本研究探討分析師職涯擔憂是否影響股價崩跌風險。分析師為維護聲譽與職涯發展，可能更傾向於揭露壞消息以減少資訊不對稱，進而抑制股價崩跌風險。此外，本研究運用主成分分析法建構分析師職涯擔憂指標，並以股價崩跌風險虛擬變數、公司特定週報酬率之負偏態及股價不對稱波動度衡量股價崩跌風險。實證結果顯示，分析師職涯擔憂程度愈高，股價崩跌風險顯著降低，支持分析師具備資訊監督角色。進一步分析亦顯示，當分析師關注公司數量較少或機構投資人持股比例較低時，分析師職涯擔憂對股價崩跌風險的抑制效果更為明顯，顯示分析師在外部治理較弱的環境中，其揭露壞消息的誘因更為強烈。整體而言，本研究補充資訊中介人對資本市場穩定性之影響，並提供公司治理與投資決策之參考。

This study investigates whether financial analysts' career concerns influence stock price crash risk. To protect their reputation and advance their careers, analysts may be more inclined to disclose bad news, thereby reducing information asymmetry and suppressing stock price crash risk. This study constructs an analyst career concern index using principal components analysis (PCA) and measures crash risk through a crash risk dummy variable, the negative skewness of firm-specific weekly returns, and the asymmetry of stock return volatility.The empirical results show that higher levels of analyst career concerns are significantly associated with lower stock price crash risk, supporting the view that analysts play a supervisory role in information disclosure. Further analysis reveals that the negative relationship between analyst career concerns and crash risk is more pronounced when analysts follow fewer firms or when institutional ownership is relatively low, suggesting that analysts have stronger incentives to disclose bad news in weaker external governance environments. Overall, this study contributes to the literature on the role of information intermediaries in capital market stability and provides insights for corporate governance and investment decisions.

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