声誉机制在中国股票市场上的作用研究

发布时间：2018-02-24 20:49

本文关键词： 声誉机制声誉损失政府监管信息系统效率　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：声誉机制作为一种非正式的制度安排,对市场经济的有序运行具有重要意义。声誉机制在成熟股票市场上发挥的重要作用已得到学界普遍认可,然而它在转型经济股票市场的作用效果,却少有研究涉及。目前,我国股票市场已走过二十多年的发展历程,在这个过程中,声誉机制是否发挥了有效作用呢?又有哪些因素会对声誉机制的作用效果产生影响?本文将在研究中对这两个问题进行探讨。从现有文献来看,对声誉机制在股票市场上的作用进行研究可以从两个角度开展：其一,从正面角度,研究良好的声誉是否会使上市公司在股票市场上取得优异的表现；其二,从反面的角度,研究声誉的损害是否会为上市公司的股票价格造成负面影响,从而导致声誉损失。本文将选择反面的角度进行研究,也就是说,如果声誉机制确实在中国股票市场发挥作用,那么当上市公司违法违规行为受到监管部门处罚后,声誉受到损害,股票价格将有明显降低,公司市值也将发生声誉损失。并且,声誉机制作用越强,声誉损失也就越显著。本文首先通过文献综述对已有相关研究进行梳理,并利用贝叶斯决策理论建立模型,分析关键因素对声誉机制作用效果的影响。在理论研究的基础上,本文选取2004年至2012年间受到证监会处罚的104家上市公司作为研究样本,利用事件分析法以及计量方法进行实证检验。实证研究验证了声誉机制在我国股票市场上的作用。并且,研究结果显示：政府的有效监管能够提高声誉机制的实施效果,而声誉信息系统的效率对声誉机制作用的发挥十分重要。因此,未来应该进一步提高政府的监管水平,改善上市公司内部治理,为声誉机制在我国股票市场上发挥作用提供良好环境。
[Abstract]:As an informal institutional arrangement, reputation mechanism plays an important role in the orderly operation of market economy. However, there is little research on its effect in the stock market of the transitional economy. At present, the stock market in China has gone through more than 20 years of development. In this process, has the reputation mechanism played an effective role? What factors will have an impact on the effectiveness of the reputation mechanism? This paper will discuss these two problems in the research. From the existing literature, the research on the role of reputation mechanism in the stock market can be carried out from two angles: first, from a positive perspective, To study whether good reputation will make listed companies achieve excellent performance in the stock market; second, to study whether the damage to reputation will have a negative impact on the stock prices of listed companies from a negative perspective. This paper will choose the opposite angle to study, that is, if the reputation mechanism does play a role in China's stock market, then when the listed company is punished by the regulatory authorities for illegal activities, Reputation will be damaged, stock prices will be significantly reduced, and company market value will suffer reputation losses. Moreover, the stronger the reputation mechanism is, the more significant the loss of reputation will be. This paper firstly combs the related research by literature review, and establishes a model by using Bayesian decision theory to analyze the influence of key factors on the effect of reputation mechanism. In this paper, 104 listed companies that were punished by CSRC between 2004 and 2012 were selected as the research samples, and the empirical test was conducted by means of event analysis and econometric methods. The empirical study verifies the role of reputation mechanism in China's stock market. The results show that the effective supervision of government can improve the effect of reputation mechanism, and the efficiency of reputation information system is very important to the function of reputation mechanism. Therefore, the level of government supervision should be further improved in the future. Improving the internal governance of listed companies provides a good environment for reputation mechanism to play a role in China's stock market.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

【相似文献】