政治关系、制度环境与股票价格的信息含量——来自我国民营上市公司股价同步性的经验证据  

Political Connections,Institutional environment and Information Content of the Stock Price:Evidence from the Synchronicity of Stock Price of Private Listed Firms of China

作　　者：唐松[1,2] 胡威[1,2] 孙铮[1,2] 

机构地区：[1]上海财经大学会计与财务研究院,上海200433 [2]上海财经大学会计学院,上海200433

出　　处：《金融研究》2011年第7期182-195,共14页Journal of Financial Research

基　　金：国家自然科学基金项目(批准号:70802035);教育部重点研究基地重大研究项目(批准号:07JJD63007)的阶段性成果

摘　　要：以2004～2007年间所有的民营A股上市公司为样本,本文对政治关系与股票价格的信息含量(以公司的股价同步性衡量)之间的关系进行了实证检验。检验结果发现,与没有政治关系的公司相比,有政治关系的公司的股票价格同步性显著较高。并且,政治关系与股票价格同步性之间的正相关关系只在市场化程度较低、政府干预较多以及法制水平较差的地区存在。进一步区分政治关系的类型发现,代表委员类政治关系显著提高了公司的股价同步性,而政府官员类政治关系对股价同步性的影响则不显著。Using A-share sample of all private listed finns during 2004-2007, this paper empirically tests the relationship between the information content of the stock price （ measured as co-movement of the stock price or synchronous stock price movements） and political connections. The results indicate that firms with political connections have higher synchronicity of stock price than those without such connections. Moreover, the positive relation between political connections and synchronicity only exists in firms located in regions with low marketization, more government intervention and poor investor protection. After distinguishing the types of political connections, it is found that firms with ＂members of PC and CPPCC＂ connections have higher synchronicity of stock price, whereas ＂government officials＂ connections have no significant effect on synchronicity.

关 键 词：政治关系 股价同步性 制度环境 

分 类 号：F224[经济管理—国民经济] F276.6F832.51