高铁开通对资本市场定价效率的影响研究  

Research on the Impact of High-Speed Railway Opening on the Pricing Efficiency of Capital Market

作　　者：郭照蕊[1] 张天舒[2] GUO Zhaorui;ZHANG Tianshu(Shanghai Normal University,Shanghai,China;Shanghai University of International Business and Economics,Shanghai,China)

机构地区：[1]上海师范大学商学院 [2]上海对外经贸大学会计学院,上海市201620

出　　处：《管理学报》2021年第4期614-623,共10页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(71573178);上海市哲学社会科学规划资助项目(2020BJB007);上海市曙光人才计划资助项目(19SG50)。

摘　　要：为了考察高铁开通改变地理距离的时空约束后对中国资本市场定价效率的影响,基于股价同步性视角,对中国沪深A股上市公司进行实证研究。研究表明,高铁开通后,更多的公司层面信息被投资者了解,促使更多公司层面的特质信息快速融入到股价中,进而降低了股价同步性,提高了资本市场定价效率。中介变量分析发现,投资者调研、媒体报道及分析师跟踪均为高铁开通影响股价同步性的有效路径。To investigate the influence of the spatiotemporal compression of the opening of high-speed railwayson the pricing efficiency of China’s capital market based on the stock price synchronicity perspective,this study carries out empirical research according to A shares of Shanghai and Shenzhen stock exchange of China.The result shows that more information about the firm level is known by investors,which makes the stock price incorporate more characteristic information of the firm level after the opening of high-speed railways.Thus lower stock price synchronicity is showing and the efficiency of capital market pricing has been improved.Investor investigations,media coverage and followed analysts are the paths of high-speed railwaysaffecting the efficiency of capital market pricing according to analysis of mediator variables.

关 键 词：高铁开通 定价效率 股价同步性 公司特质信息 

分 类 号：C93[经济管理—管理学]