产品市场势力、公司治理与股票价格信息含量  

Product Market Power,Corporate Governance and the Information Content of Stock Price

作　　者：张益明[1] 

机构地区：[1]复旦大学经济学院

出　　处：《南方经济》2011年第12期26-40,共15页South China Journal of Economics

基　　金：江苏省教育厅高校哲学社会科学基金项目(09SJD630075)的资助

摘　　要：本文采用事件研究方法,根据2001至2009年A股市场上市公司的数据计算了产品市场势力与股票价格信息含量。在此基础上,研究了产品市场势力、公司治理与股票价格信息含量之间的关系。本文的研究表明,产品市场势力与合理的公司治理安排能够提高股票价格信息含量。但是在提高股票价格信息含量方面,产品市场势力与不同的公司治理机制表现出了一定的替代或互补关系。另外,产品市场的改革应当顾及资本市场的发展。Based on the data of companies listed on A-share market from the year 2001 to 2009, this paper measures product market power and the information content of stock price by using an event study method. Then I explore the relationship between product market power, corporate governance and the information content of stock price. The results show that product market power and rational corporate governance can improve the information content of stock price. However, when improving the information content of stock price, the relationship between product market power and corporate governance can be substitutive or complementary. And also it is necessary that reform of product market should take the development of capital market into account.

关 键 词：产品市场势力 公司治理 股票价格信息含量 

分 类 号：F830.91[经济管理—金融学]