股权结构与信息透明度相关性的实证研究  

Empirical research on relationship between ownership structure and transparency

作　　者：熊伟[1] 陈浪南[1] 朱杰 

机构地区：[1]中山大学岭南学院,广东广州510275 [2]中国工商银行广东省分行,广东广州510275

出　　处：《系统工程学报》2015年第3期344-353,共10页Journal of Systems Engineering

基　　金：国家社科基金重大资助项目(14ZDA020);教育部规划基金资助项目(14YJA7900);广州软科学课题资助项目(02-04);广东软科学资助项目(2013B070206025);广东社科基金资助项目(GD10CYJ01)

摘　　要：股票价格波动主要受噪声的推动.信息透明度的提高将降低股票特质波动率.本文基于中国股票A股市场中的股票特质波动率,实证检验了我国上市公司股权结构与信息透明度之间的相关性.研究发现:1)国有法人股持股比例和股东之间力量差异的降低,有助于提高上市公司的信息透明度.2)机构投资者的加入,可以改善上市公司的信息披露环境,提高证券分析师预测行为的有效性,减少股票价格波动中的噪声成分.The idiosyncratic volatility is mainly driven by noise in China＇s stock markets. However, the id- iosyncratic volatility decreases with stock price informativeness. This paper tests the relationship between the ownership structure and transparency by utilizing the idiosyncratic volatility of A-share listed companies in China. The empirical evidence shows that： 1） the transparency decreases with the state-owned shareholdings and ownership concentration, but increases with the institutional shareholdings. 2） The institutional trading im- proves the firm＇s information environment, and the accuracy of forecasting activities, and decreases the noise component in the stock price.

关 键 词：股权结构 信息透明度 股票特质波动率 

分 类 号：F832.5[经济管理—金融学]