明星企业家声誉对相关股票价格影响的定量研究

发布时间：2018-07-22 10:43

【摘要】：近年来随着社会和经济的发展,企业家声誉受到越来越多的关注,本文选择主流媒体排行榜作为声誉的代理变量,以2004-2015年《企业家》杂志评选的“年度最具影响力的25位企业领袖”为样本,采用事件研究的方法,通过对“事件中”窗口平均超额收益率的统计检验,结果表明平均超额收益率显著为负,说明明星企业家声誉对公司股票价格具有负效应。出于对自身未来发展的考虑,企业家为了提高自己的声誉,可能会把精力都花费在和公司无关的事情上,专心经营企业时间减少,从而在公司的管理上有所懈怠。进一步检验了不同交易所、不同企业性质和是否获得终生成就奖,发现交易所和企业的性质对平均超额收益率没有显著影响,但是对是否获得终生成就奖显著影响,没有获得终生成就奖的企业家显著为负,说明获得终生成就奖对股价具有积极作用。终生成就奖是对某行业做出突出贡献并得到广泛认同的肯定,是对企业家连续多年的考察,因此上榜者无疑拥有超强的能力,名至实归。采用分位数回归检验模型稳健。最后根据本文的研究,提出以下建议:第一,加强对企业家声誉测量体系的理论研究。第二,建立完善的企业家声誉激励机制。第三,建立健全更加完备的政府监管机制,为声誉机制的发挥提供优良的环境。
[Abstract]:In recent years, with the development of society and economy, more and more attention has been paid to the reputation of entrepreneurs. Taking the "25 most influential business leaders of the year" selected by Entrepreneur magazine from 2004 to 2015 as a sample, an event study method was used to test the average excess return rate in the "event" window. The results show that the average excess return is significantly negative, which indicates that the reputation of star entrepreneur has a negative effect on the stock price. For the sake of their own future development, entrepreneurs may spend their energy on things not related to the company in order to improve their reputation, concentrate on running the enterprise less time, thereby slacking off on the management of the company. We further examine the nature of different exchanges, different enterprises and whether they receive lifetime achievement awards. We find that the nature of exchanges and firms has no significant effect on the average excess return rate, but it has a significant impact on whether or not to obtain lifetime achievement awards. Entrepreneurs who did not win the lifetime achievement award were significantly negative, indicating that the lifetime achievement award had a positive effect on the stock price. Lifetime Achievement Award is a recognition of outstanding contribution to an industry and has been widely recognized. It is an investigation of entrepreneurs for many years, so there is no doubt that those on the list have super ability and a real name. The model was robust by quantile regression test. Finally, according to the research of this paper, the following suggestions are put forward: first, strengthen the theoretical research on the measurement system of entrepreneur reputation. Second, to establish a sound incentive mechanism for the reputation of entrepreneurs. Third, establish a more complete government supervision mechanism, and provide a good environment for reputation mechanism.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F272.91

【参考文献】