公司治理质量、投资者信心与股票收益  

Quality of Corporate Governance,Investors' Confidence and Stock Return

作　　者：雷光勇[1] 王文[1] 金鑫[1] 

机构地区：[1]对外经济贸易大学国际财务与会计研究中心/国际商学院,100029

出　　处：《会计研究》2012年第2期79-86,97,共8页Accounting Research

基　　金：国家社会科学基金项目(10BGL017);对外经济贸易大学"211工程"项目(73200032)和学术创新团队项目的支持

摘　　要：投资者信心保持和提振是一国资本市场获得持续稳定发展的基础。公司治理质量会影响外部投资者的信心吗?投资者信心影响股票收益的机理是什么?本文运用中国A股公司2006-2009年数据进行研究,结果表明,投资者信心是市场层面因素和公司层面因素共同作用的结果。公司治理质量越高,外部投资者信心越强;投资者信心变化通过投资行为形成溢价对股票回报产生影响,这种正向影响在治理质量高的公司中得到增强,在治理质量高的公司中,投资者信心越强,股票回报越大。Investors' confidence is a base of stable development of a stock market.Does corporate governance influences investors' confidence? What is the mechanism of investors' confidence effecting stock return? This paper examines the forming mechanism and the effects of investors' confidence,as well as its effects on stock return of Chinese listed companies by using the data from Chinese security market and annual report of listed companies from 2006— 2009.The result shows that the higher quality of corporate governance,the higher investors' confidence;Changes of investors' confidence and corporate governance influence stock return through premium.The higher the investors' confidence,the higher corporate governance results in the larger scale of stock return.Our results deepens the research of value relevance on corporate governance and the cognition of impact on corporate governance,enhances the education and rationality of outside-investors,as well as inspires the channel to improve corporate governance and efficiency of stock market.

关 键 词：公司治理质量 投资者信心 价值相关性 股票收益 

分 类 号：F276.6[经济管理—企业管理] F832.51[经济管理—国民经济] F224