股权结构、产品市场竞争与公司特质风险——基于深沪A股的经验证据  

Ownership Structure, Product Market Competition and Idiosyncratic Risk——Based on Empirical Evidence from the Shanghai and Shenzhen A Shares

作　　者：花冯涛[1] 王进波[2] 尚俊松[3] HUA Feng-tao WANG Jin-bo SHANG Jun-song(School of Economics and Management, Anhui Normal University, Wuhu 241003 School of Foreign Studies, Anhui Normal University, Wuhu 241003 School of Public Economics and Administration, Shanghai University of Finance and Economics, Shanghai 200433,China)

机构地区：[1]安徽师范大学经济管理学院,安徽芜湖241003 [2]安徽师范大学外国语学院,安徽芜湖241003 [3]上海财经大学公共经济与管理学院,上海200433

出　　处：《山西财经大学学报》2017年第10期100-112,共13页Journal of Shanxi University of Finance and Economics

基　　金：国家社会科学基金青年项目"基于信息不确定性视角下的中国股票市场公司特质风险研究"(13CGL028)

摘　　要：以2010—2015年深沪A股为研究对象,考察股权结构和产品市场竞争对公司特质风险的作用。结果表明:第一大股东持股比例、股权制衡度与公司特质风险呈正"U"型关系,说明二者对特质波动既有抑制效应也有刺激作用;国有股权比例与公司特质风险呈正相关关系;产品市场竞争通过会计信息质量对公司特质风险存在正向作用;随着产品市场竞争程度的上升,股权结构对公司特质风险的公司治理效应下降。This paper investigates how the ownership structure and product market competition effect the idiosyncratic risk through an analysis on the data of the Shanghai and Shenzhen A Shares during the year of 2010--2015. We conclude as follows： firstly, first shareholder＇s holdings and equity restriction ratio both have stimulatory and inhibitory effect on idiosyncratic risk, where exists an U-shaped correlation; secondly, Enterprise with higher state ownership has higher idiosyncratic risk; thirdly, product mar- ket competition has a positive correlation with the corporate idiosyncratic risk, based on accounting information quality. With the in- creasing competition in the product market, the ownership structure will exert a weakened influence on corporate governance of id- iosyncratic risk.

关 键 词：大股东持股 股权制衡度 产权性质 产品市场竞争 公司特质风险 

分 类 号：F276[经济管理—企业管理]