高管连锁网络与股价同步性  

Executive Interlock Network and Stock Price Synchronicity

作　　者：王建琼[1] 廖晓芮 曹世蛟 Wang Jianqiong;Liao Xiaorui;Cao Shijiao(School of Economics and Management,Southwest Jiaotong University,Chengdu 610031,China)

机构地区：[1]西南交通大学经济管理学院,成都610031

出　　处：《技术经济》2022年第9期157-169,共13页Journal of Technology Economics

基　　金：四川省社会科学规划项目“互联网支付平台型企业社会责任体系构建与治理研究”(SC22B030)。

摘　　要：以2009—2018年中国A股上市公司为研究样本,考察了高管连锁网络对公司股价同步性的影响。研究发现:高管连锁网络会提高公司的股价同步性,处于高管连锁网络越中心位置的上市公司,其股价同步性越高;从趋同性和信息透明度两个方面进一步分析高管连锁网络对股价同步性的作用机制,发现高管连锁网络并非通过降低公司透明度这一途径对股价同步性产生影响,而是因为连锁高管加强了上市公司间的行为学习、信息和资源的共享,促使公司间基础特征趋同,进而提高了公司的股价同步性;根据联结类型的不同将高管连锁网络划分为董事网络、监事网络和高管网络,实证结果表明高管网络对股价同步性的提升效应最大,董事网络次之,监事网络对股价同步性无显著影响;区分产权性质和法治环境后发现,在国有企业和所处法治环境较差的企业中,高管连锁网络提高股价同步性的效应更显著。研究结论为提升资本市场信息效率提供了理论支撑。Taking A‐share listed companies from 2009 to 2018 as a sample,the influence of executive chain network on the synchronization of company stock prices was empirically tested.The results show that the executive chain network can improve the company’s stock price synchronization,and the more central the listed company is in the executive chain network,the higher the stock price synchronization.From two aspects of convergence and information transparency executives chain network to further analysis the mechanism of action of stock price synchronicity,not by lowering the company found that executives chain network transparency this way affect stock price synchronicity,but because the chain executives to strengthen the behavior study,between the listed company information and resources sharing,prompted the company basic characteristics between convergence,thus improving the synchronization of the company’s stock price.According to the different types of linkage,the executive network can be divided into director network,supervisor network and executive network.The empirical results show that the executive network has the largest improvement effect on stock price synchronization,followed by the director network,and the supervisor network has no significant effect on stock price synchronization.After distinguishing property rights and legal environment,we find that in state‐owned enterprises and enterprises with poor legal environment,executive chain network has a more significant effect on improving stock price synchronization.The conclusion provides theoretical support for improving the information efficiency of capital market.

关 键 词：高管连锁网络 股价同步性 网络中心度 趋同性 盈余管理 

分 类 号：F832.5[经济管理—金融学]