We　investigate　the　impact　of　internal　whistleblowing　on　stock　price　crash　risk　in　China.　We　expect　that　internal　whistleblowing　plays　a　crucial　role　in　preventing　firms　from　misconducting,　which　would　result　in　a　lower　stock　price　crash　risk.　Consistent　with　this　conjecture,　the　empirical　evidence　negatively　correlates　internal　whistle　-blowing　and　stock　price　crash　risk.　Our　results　remain　robust　when　adopting　the　instrumental　variable,　pro-pensity　matching　method,　and　Heckman＇s　two-stage　model.　Path　analysis　shows　that　internal　whistleblowing　lowers　the　crash　risk　by　reducing　firms＇　accounting　violations　and　executives＇　frauds.　The　effect　is　more　pro-nounced　in　firms　with　a　positive　organizational　environment　and　non-state-owned　firms.　Overall,　the　study　contributes　to　the　emerging　literature　on　the　governance　role　of　whistleblowing.