机构投资者实地调研与投资-股价敏感性--基于管理层学习效应视角  

Institutional Investors’Visit site and Stock Price Sensitivity:Based on the Perspective of Manager Learning Effect

作　　者：田高良[1,2] 王乐[1,2] 封华 TIAN Gaoliang;WANG Le;FENG Hua(School of management,Shanxi Xi'an Jiaotong University,Xi’an 710049,China;Center For Management Teaching Experiment,Shanxi Xi'an Jiaotong University,Xi’an 710049,China;School of management,Northwestern Polytechnical University,Xi'an 710109,China)

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]西北工业大学管理学院,陕西西安710109

出　　处：《商业经济与管理》2021年第3期56-69,共14页Journal of Business Economics

基　　金：国家自然科学基金面上项目“网络舆情对企业绩效与股票价格的影响机制及管理方法研究”(71672141);国家自然科学基金面上项目“媒体报道发挥公司治理作用的机制研究:理论分析与实证检验”(71372163)。

摘　　要：文章利用2013-2018年深圳证券交易所上市公司的数据,实证检验了机构投资者实地调研对投资-股价敏感性的影响。研究发现,机构投资者实地调研提高了公司投资-股价敏感性,在股价信息含量越高时,机构投资者实地调研对公司投资-股价敏感性的影响越显著,表明投资者实地调研通过信息反馈效应中的"挤入渠道"增强了管理层向市场的学习行为,机构投资者实地调研对投资-股价敏感性的影响在管理层持股的上市公司中更为显著。研究结果表明,机构投资者实地调研可以帮助上市公司管理层获取更多决策有用信息,提升资源配置效率,对于完善机构投资者调研制度、提升我国资本市场信息效率具有一定的实践价值。Based on the data of Listed Companies in Shenzhen Stock Exchange from 2013 to 2018,this paper empirically tests the impact of institutional investors'field research on the sensitivity of investment stock price.It is found that the field research of institutional investors improves the sensitivity of the company's investment in the stock price.The higher the information content of the stock price,the more significant the impact of the field research of institutional investors on the sensitivity of the company's investment in the stock price.It shows that the field research of investors enhances the management's learning behavior from the market through the“crowding channel”in the information feedback effect,and the impact of institutional investors'field research on the sensitivity of stock price is more significant in the listed companies with management shares.The results show that the on-the-spot investigation of institutional investors can help the management of listed companies to obtain more useful decision-m aking information and improve the efficiency of resource allocation,which has a certain practical value for improving the investigation system of institutional investors and improving the information efficiency of China's capital market.

关 键 词：机构投资者实地调研 投资-股价敏感性 学习效应 

分 类 号：F234.4[经济管理—会计学]