Stock price crash risk has an important impact on the healthy development of the capital market. Using the sample of listed companies in China stock market from 2008 to 2013， this paper theoretically analyzes and empirically examines the relationship between accounting conservatism and stock price crash risk. Furthermore， we test whether this relationship is different among institutional investors heterogeneity. We find robust evidence of a negative relationship between accounting conservatism and stock price crash risk. The additional analysis shows that after dividing institutional investors into stable type and transactional type， the stable institutional investors have exacerbated the negative relationship， while transactional institutional investors will decrease the degree of such a negative relationship. Results of this study theoretically and practically contribute to the prevention of stock collapse as well as the establishment of a smooth and orderly capital market.