Is The Choice Of The GMS’ Place Deliberate?

The stock price crash is one of the adverse events in the capital market.According to existing facts and related literature,stock price crashes have brought more serious financial disasters to investors,and repeated stock price crashes have also greatly dampened investor confidence.Therefore,it is of great significance to study this topic.As the cornerstone of the governance structure of listed companies,the general meeting of shareholders is the basic place for shareholders to exercise their rights.According to the existing literature on stock price crashes,stock price crashes are usually caused by the management concealing more bad news first,and then a sudden phenomenon in the capital market caused by the concentrated outbreak of these news in the later period.When the management predicts that the company will have bad news in the future,it uses the information of the location of the general meeting of shareholders as manipulation means to hide or to delay the release of bad news,and when the bad news is exposed,the company’s stock price drops sharply,causing the stock price to crash.Based on this,this article cuts from the perspective of the location of the shareholders’ meeting,taking the 2015-2017 annual shareholders’meeting of Shenzhen Stock Exchange A-share listed companies as a sample to study the relationship between it and the risk of stock price crash.On this basis,the media reports of external supervision forces are added as a moderating variable to study its influence on the relationship between the above two.In addition,based on the above two main hypotheses,the robustness test and further test are done.The research results show that when the shareholders’ meeting is held in different cities or when the company’s office is far away,the company’s share price crash risk is greater.Media reports,as an external governance force,inhibit this relationship by playing the information mediating function.On the one hand,this article supplements the research on the risk of stock price crash from the perspective of corporate governance,and on the other hand,it groundbreakingly puts forward the small angle of the location of the general meeting of shareholders,and analyzes its relationship with the risk of stock price crash.This conclusion provides empirical evidence for academics and industry to attach importance to shareholder meetings,and plays a positive role in reducing information asymmetry and protecting the interests of investors.Therefore,the research in this article has certain theoretical and practical significance.