空间区位竞争与资本市场定价效率  

Spatial Location Competition and Capital Market Pricing Efficiency

作　　者：张恒瑞 洪剑峭[1] Zhang Hengrui;Hong Jianqiao

机构地区：[1]复旦大学管理学院,200433

出　　处：《会计研究》2022年第4期22-40,共19页Accounting Research

摘　　要：本文借助上市公司所处经纬度信息构建了空间区位竞争的指标,以此检验空间区位竞争对于资本市场定价效率的影响。研究发现,上市公司面对的空间区位竞争程度越强,其股价同步性越高,股价信息含量越低;这一效应在上市公司与竞争对手隶属同一行政区域、所在地市场分割程度较高、社会网络密度较高的情况下更为显著。较强的经营实力、经营分散性和异质性能够减弱空间区位竞争对股价信息含量的抑制作用。路径检验结果显示,上市公司面对的空间区位竞争程度越高,发布临时公告数量越少、年报披露及时性越差、投资者接待活动越少、外部行业性研究报告数量越多,由此进一步降低了股价信息含量。This paper calculates the average geographical distance between focal firm and the nearest five firms in the same industry according to the longitude and latitude of their location as the index of spatial location competition,so as to explore the impact of spatial location competition on the capital market pricing efficiency.The results show that,the higher the degree of spatial location competition that focal firm faces,the higher the synchronization of stock price is and the lower the information content of stock price is.This effect is more significant when the focal firm and their competitors belong to the same administrative region,the local market segmentation is high,and the social network density is high.And stronger operating strength,higher business dispersion,and higher heterogeneity with surrounding competitors can weaken the inhibitory effect of spatial location competition on stock price information content.Path test results show that the higher the degree of spatial location competition faced by focal firm,(i)the less the amount of temporary announcements is,(ii)the worse the timeliness of annual report disclosure is,(iii)the lower the frequency of investor reception activities is,and(iv)the more the amount of external research reports is,which further increases the synchronization of stock price and reduces the information content of stock price.

关 键 词：空间区位竞争 同行业 地理距离 信息披露 股价信息含量 

分 类 号：F832.51[经济管理—金融学]