公司治理、机构持股与股价同步性

发布时间：2018-04-26 11:12

本文选题：公司治理 + 股价同步性　；参考：《金融研究》2014年08期

【摘要】：本文旨在探讨在噪音交易较多的中国股票市场中,公司治理对股价同步性的影响。实证结果显示,以控制权和现金流权之差度量的超额控制权和股价同步性之间存在显著的负相关关系,机构持股加强了这种负向关系。进一步,本文采用南开治理指数和配对方法对公司治理综合指标和股价同步性进行研究,发现治理好的公司表现出更高的股价同步性和更好的未来盈余。本文研究表明,当噪音交易是股价同步性的主要驱动因素时,较差的公司治理,特别是较高的超额控制权,会增加基本面的不确定性,吸引较多的噪音交易,进而降低股价同步性。
[Abstract]:The purpose of this paper is to explore the influence of corporate governance on stock price synchronization in China where noise trading is more frequent. The empirical results show that there is a significant negative correlation between excess control and stock price synchronism measured by the difference between control right and cash flow right, which is strengthened by institutional shareholding. Furthermore, this paper uses Nankai governance index and pairing method to study the comprehensive index of corporate governance and the synchronism of stock price. It is found that the well-governed company shows higher stock price synchronization and better future earnings. This paper shows that when noise trading is the main driving factor of stock price synchronism, poor corporate governance, especially higher excess control, will increase fundamental uncertainty and attract more noise transactions. And then reduce the synchronization of stock prices.
【作者单位】：中国青年政治学院经济管理学院;
【分类号】：F271;F832.51

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