Based on the perspective of firms stock price crash risk, we adopt the staggered DID model to empirically test the impact of the OIA on the risks prevention of SOEs. The results find that after the implementation of the OIA, the stock price crash risk of SOEs is significantly reduced, while improving the robustness of investment decisions, reducing agency costs and improving information opacity are the major mechanisms. Extended research finds that the mitigating effect of OIA on the stock price crash risk is more pronounced in those SOEs with stronger executive incentives, better legal environment, and higher administrative hierarchies. Further analysis of the economic consequences shows that OIA significantly increases the valueadded ratio of stateowned capital after mitigating the stock price crash risk. This paper not only provides new evidence for the effectiveness of the OIA, but also provides important policy insights for the improvement of the accountability system of SOEs with Chinese characteristics, and for the prevention and resolution of financial risks.