The research object of this paper is all A-share listed companies that disclose social responsibility reports from 2006 to 2017，and it empirically tests the impact of the tone of social responsibility reports on the stock price crash risk.The empirical results of this paper show that the net positive tone of social responsibility report has a significant positive correlation with the stock price crash risk.Further analysis shows that when enterprises voluntarily disclose social responsibility reports due to a high degree of information asymmetry，the net positive tone of their social responsibility reports is significantly positively correlated with the risk of future stock price collapse，while the motivation of management to conceal bad news is to alleviate the financing constraints of enterprises.This paper not only enriches the research on social responsibility information disclosure and stock price crash risk，but also has important implications for listed companies，investors and regulatory authorities.