声誉机制起作用吗--基于中国股票市场的证据  

Study on the Effect of Reputation Mechanism in Chinese Stock Market:Evidence from Chinese Stock Market

作　　者：醋卫华[1] 夏云峰[1] 

机构地区：[1]湘潭大学商学院

出　　处：《财经科学》2012年第10期21-29,共9页Finance & Economics

基　　金：国家自然科学基金青年项目(71002041,71002060);国家社科基金青年项目(12CGL035);湘潭大学博士科研启动基金(11QDSX02)资助

摘　　要：本文以证监会处罚的147个样本为研究对象,实证检验了声誉机制在我国股票市场中的作用。我们发现,上市公司违法、违规行为导致股东价值明显下降,其中声誉价值损失占股东价值损失的比例达到52.92%。在控制其他变量影响的条件下,声誉价值损失与支持性政府管制之间存在显著的正相关关系。研究结果表明,声誉机制能够在我国股票市场发挥作用,支持性政府管制可以降低市场信息不对称程度,从而提高声誉机制的自我实施效果。Using 147 samples as research objects which were punished by China Securities Regulatory Commission （CSRC）, this paper studies the function of reputation mechanism in Chinese stock market. We find that the illegal behaviors of listed companies could significant decrease the shareholder value and reputation loss accounts for 52. 92% of total shareholder value loss, which means that reputation mechanism can take effect in Chinese stock market. After controlling other variables, there is significant positive relationship between reputation loss and supportive regulation, and the results of reputation penalty display significant difference in different goverranent regulation phase, which mean that government regulation can reduce information asymmetry and contribute to effect of reputation mechanism.

关 键 词：声誉机制 支持性政府管制 替代性政府管制 声誉价值损失 

分 类 号：F832.51[经济管理—金融学] F224