Abstract: In order to explore how internal control deficiencies affect stock price crash risk, this paper makes a theoretical analysis from the perspective of gathering and releasing negative news and discusses the influence mechanism from two processes: the existence and disclosure of internal control deficiencies (ICDs). Taking A-share companies listed on mainboard from 2008 to 2019 as the initial study objectives, this paper selects companies with effective internal control and companies with serious internal control deficiencies to build the sample. By adopting methodology including multiple regression analysis, propensity score matching and difference-in-difference method, the results show that: (1) compared to companies with effective internal control, companies with ICDs are more likely to experience stock price crash; (2) the disclosure of ICDs only has marginal effect on future stock price crash risk; and (3) transparency has a partial mediating effect on the relationship between ICDs existence and stock price crash risk.