我国证券市场真的存在“功能锁定”吗?——基于契约角度的新解释  

Does Functional Fixation Really Exist in Chinese Stock Market:A New Perspective from Contract Theory

作　　者：王国俊[1,2] 梁上坤[1,2] 陈冬华[1,2] 

机构地区：[1]南京大学会计与财务研究院 [2]南京大学管理学院

出　　处：《管理学报》2010年第8期1248-1253,共6页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(08CJY009);国家自然科学基金资助项目(70602011)

摘　　要：结合配股权契约对我国证券市场"功能锁定"现象进行了研究。实证结果表明,1997～1998年我国证券市场不存在"功能锁定"现象;1999～2000年市场对非经常性损益的定价高于营业利润,表现为"功能锁定"现象,但可以通过配股权契约与盈利持续性予以解释;2001年配股政策的变革,降低了非经常性损益在取得配股权过程中起的作用,市场对非经常性损益的定价回复正常,"功能锁定"现象消失。结论显示,在我国特有的转型制度背景下,配股权契约对股票定价有影响作用。某些年份盈余定价表现的"偏离",是基于经济制度背景的理性行为,而非基于心理行为的非理性现象。This article studies the FFH in Chinese stock market under the Contract Theory. It is found out that：i） there was no functional fixation phenomenon in 1997 and 1998; ii） the stock market priced extraordinary items much more than operating income from 1999 to 2000; however,this phenomenon can be explained using contract theory and the persistence of earnings; iii） the government policy change of stock-rights offering in 2001 weakened the role of extraordinary items,and the market pricing of extraordinary items went back to normal and the FFH phenomenon disappears. All of above mean that under the special political and economic circumstances of China,the contract of stock-rights offering affects the pricing of stock and provides us a better understanding of FFH. The procedure of pricing of earnings is a rational action based on the economics circumstances rather than on the psychological factors.

关 键 词：配股权契约 功能锁定 非经常性损益 盈利持续性 

分 类 号：C93[经济管理—管理学]