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.