董事会多元化特征对股价信息含量的影响研究  

Research on Impact of Diversified Board Characteristics on Stock Price Informativeness

作　　者：田高良[1,2] 杨星[1,2] 马勇 M M FONSEKA 

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]西安交通大学管理教学实验中心,陕西西安710049 [3]长安国际信托股份有限公司,陕西西安710065

出　　处：《西安交通大学学报（社会科学版）》2013年第6期34-40,共7页Journal of Xi'an Jiaotong University：Social Sciences

摘　　要：以中国A股上市公司2004-2010年的8 868个公司年数据为样本,研究上市公司董事会多元化特征对股价信息含量的影响。研究发现:董事会年龄多元化与性别多元化对股价信息含量有显著影响;在小公司中,董事会年龄多元化有助于提升公司信息透明度,从而增加股价中公司特质信息的含量;在大公司中,董事会年龄多元化则是通过鼓励套利者收集私有信息进行套利交易来增加股价信息含量的;女性董事比例对股价信息含量的影响在市场化程度较高的地区更为明显。Using the annual data of 8868 A - stock listed firms in China in the period from 2004 to . 2010 as an exam- pie, we have studied the impact of the diversified board characteristics of the listed firms on the stock price informative- ness. The results show that the age and gender diversity has significant impact on the stock price informativeness. In small firms, age diversity is conducive to the upgrading of their information transparency, thereby increasing their stock price informativeness. In large companies, age diversity of the board augments the stock price informativeness by encour- aging arbitrageurs to collect private information for conducting covered -interest arbitrage. The impact of the proportion of women directors on stock price informativeness is more obvious in the regions with higher marketization.

关 键 词：董事会特征 年龄多元化 性别多元化 股价信息含量 

分 类 号：F276.6[经济管理—企业管理]