以~2007--2016 年中国沪深两市所有~A 股上市公司为样本, 实证检验了管理 层权力与股价崩盘风险之间的关系, 并进一步研究制度环境, 宗教传统, 媒体报道三种外部治理机制对上述关系的影响. 文章研究发现: 管理层权力的增大会引起公司未来股价崩盘风险显著上升, 且这种关系在地方国企和民营企业中表现尤为显著. 外部治理因素中, 媒体报道从整体上显著抑制了管理层权力与股价崩盘风险之间的正相关关系. 而制度环境对地方国企管理层权力治理作用表现显著, 宗教传统则对民营企业管理层权力治理作用表现显著. 文章研究不仅从股价崩盘风险角度发现了管理层权力对公司价值的负面影响, 还进一步验证了制度环境~(正式制度), 宗教传统~(非正式制度), 媒体报道三者相辅相成, 互相补充的外部治理机制.

Using Chinese A-share listed companies from 2007 to 2016 as samples, our study empirically tested the relationship between managerial power and stock price crash risk and the effect of corporate exterior governance mechanisms including institutional environment, religion and media coverage, on the above relationship. Further, different performance of above relationship and governance effect are tested according to different property right groups. The results showed that the managerial power has a significant positive relationship with stock price crash risk, and this relationship is stronger in local state-owned company group and in private company group. As for corporate exterior governance mechanism, the media coverage can obviously restrain the positive relationship between managerial power and stock price crash risk as a whole. While the governance effect of institutional environment is more obviously in local state-owned company group, and religion in private company group. Our study has testified the negative impact of managerial power on the value of company from the perspective of stock price crash risk and the complementary corporate exterior governance mechanisms of institutional environment (formal regulation), religion (informal regulation) and media coverage.