信息不对称与股权结构:中国上市公司的实证分析  

Asymmetric Information and Ownership Structure: Evidence from China Listed Companies

作　　者：吴卫星[1] 汪勇祥[2] 成刚[3] 

机构地区：[1]对外经济贸易大学金融学院,北京100029 [2]中国人民大学金融与证券研究所,北京100872 [3]中国科学院数学与系统科学研究院应用数学所,北京100080

出　　处：《系统工程理论与实践》2004年第11期28-32,共5页Systems Engineering-Theory & Practice

摘　　要：　由于中国市场不采用做市商制度,在没有Bid-Ask数据的情况下改进了以前的模型,从而对中国股票市场信息不对称的程度进行了度量.然后,在此基础上进一步考察了国有法人股、机构持股、大股东之间相对力量对比等股权结构因素对交易中的信息不对称程度的影响.实证结果表明:市场中信息不对称程度随着国有、法人股比例增加而增加;随着机构持股比例上升而上升;随大股东之间的股权集中程度提高而加强.Information asymmetry without bid-ask spread data for the order-driving trade mechanism in China stock market was measured by proper extending of the previous theoretical model. And the facts about whether ownership structure such as state-own shareholdings,institutional shareholdings and the degree of concentration of block shareholdings affects this kind of asymmetry were investigated. The conclusion shows that informational asymmetry increases with state-own shareholdings, institutional shareholdings and especially, the degree of concentration of top 10 block shareholders.

关 键 词：信息不对称 股权结构 机构持股 股权集中度 公司治理 

分 类 号：F830.91[经济管理—金融学]