环境不确定性、信息披露质量与股价同步性  

Environmental Uncertainty,Information Disclosure Quality and Stock Price Synchronization

作　　者：赵树娜 万幼清[1] 杜兰英[2] ZHAO Shuna;WAN Youqing;DU Lanying(School of Management,WUT,Wuhan 430070,Chin;不详)

机构地区：[1]武汉理工大学管理学院,湖北武汉430070 [2]华中科技大学管理学院,湖北武汉430070

出　　处：《武汉理工大学学报（信息与管理工程版）》2021年第5期473-478,485,共7页Journal of Wuhan University of Technology：Information & Management Engineering

基　　金：国家社会科学基金项目(19BGL039).

摘　　要：企业所处环境的变化会对其行为造成一系列影响,尤其是在经济形势不断动荡的今天,研究环境不确定性有着重要的意义。选取2013—2020年上海和深圳两个证券交易所的上市公司为样本进行回归分析,利用企业信息披露质量的中介作用探索环境不确定性对股价同步性的影响。结果发现,企业面临的环境不确定性程度越高,其信息披露质量就越低,进而使股价同步性降低。其中信息披露质量发挥了部分中介效应。上述结论在制造业公司样本中依然成立。Changes in the environment of a company will have a series of effects on its behavior.Especially in today′s turbulent economic situation,it is of great significance to study environmental uncertainty.Listed companies on the Shanghai and Shenzhen stock exchanges from 2013 to 2020 were selected as samples for regression analysis.The results found that the higher the degree of environmental uncertainty that companies face,the lower the quality of their information disclosure,which in turn reduces the synchronization of stock prices;among them,the quality of information disclosure plays a part in the mediating effect.The above conclusion is still valid in the sample of manufacturing companies.

关 键 词：环境不确定性 股价同步性 信息披露质量 中介效应 噪音交易 

分 类 号：F832.51[经济管理—金融学]