Research On Influence Of Supervision Of Service Center On The Corporate Governance Of Listed Companies

The core of corporate governance of listed companies lies in reasonable and effective distribution of rights,responsibilities and interests.As a concrete representation of corporate governance effects at the corporate level,stock price crash risk is mainly formed by the private opportunism of the management of listed companies,so it embodies rights,responsibilities and interests.In recent years,stock price crash events occurred frequently in the Chinese capital market,and there was even an anomaly of "limit of one thousand shares" in 2015.In order to effectively alleviate the phenomenon,measures such as setting up investment service center were put forward one after another.However,studies on the supervision of investment services centers mainly focus on the performance of investment services centers at the legal level.A few studies on the economic consequences of investment services centers only focus on the impact of investment services centers on financial restatement and earnings management,and few explore the impact of the supervision of investment services centers on corporate governance from the perspective of stock price crash risk.This paper believes that the supervision of investment service center will have an impact on the risk of stock price collapse from two aspects.To be specific,firstly,from the analysis of the reasons and causes for the exercise of the rights of the investment services center,the initial idea of setting up the investment services center is to take this mode to actively exert the subjective initiative of the institution to effectively manage the company,so as to reduce the extent of the listed company to conceal the bad news of the company,so as to mitigate the risk of stock price crash.Second,the results of the exercise of power by the investment services center are analyzed.The investment services center plays a role in identifying the information disclosure of listed companies,which will greatly improve the timeliness and authenticity of information disclosure,and further reduce the risk of stock price collapse of the company.Under the influence of the above two aspects,the supervision of investment service center helps to reduce the risk of stock price collapse.Based on this,this paper selects A-share listed companies from 2011 to2020 as the research object and explores the impact of investment service centers on corporate governance effects of listed companies from the perspective of stock price crash risk.The results show that the supervision of investment service center can effectively restrain the risk of stock price collapse;When the intensity of external supervision and internal control is weaker,the inhibitory effect of the supervision of investment service center on the risk of stock price collapse is strengthened.The above findings remain unchanged after variable measures,addition of control variables,change of sample interval,change of measurement model,change of estimation method and influence of control region.Further inspection shows that when the effect of media supervision is weaker,the property rights of enterprises are non-state-owned enterprises,and the supervision effect of institutional investors is weaker,the inhibitory effect of the supervision of investment services center on the risk of stock price crash can be improved.The research of this paper may have the following theoretical contributions: First,it has enriched the relevant research on the supervision of investment service center.At the present stage,researches on the supervision of investment banking centers mainly focus on the performance of investment banking centers in the aspect of law.A few researches on the economic consequences of investment banking centers only focus on the impact of financial restatement and earnings management of investment banking centers,and seldom explore the impact of supervision of investment banking centers on the risk of stock price crash.The research of this paper can enrich the relevant research of the supervision of investment service center from the perspective of economic consequences.Second,it enriched the related research of stock price crash risk.At the present stage,the influencing factors of stock price crash risk mainly focus on the influences of institutional factors on stock price crash risk,corporate factors on stock price crash risk and characteristics of senior executives on stock price crash risk,and less explore the influence of investment banking center supervision.The research in this paper can enrich the relevant research on stock price crash risk from the perspective of influencing factors.