多个大股东如何影响资本市场信息有效性?——来自股价同步性的经验证据  

How Do Multiple Major Shareholders Influence Validity of Capital Market Information?

作　　者：康明 Kang Ming

机构地区：[1]中国社会科学院大学商学院,北京102488

出　　处：《企业经济》2023年第3期151-160,共10页Enterprise Economy

基　　金：新疆维吾尔自治区教育教学研究与改革项目“应用型人才培养视角下金融专业实践教学体系的优化与探索”(项目编号:JG2021027)

摘　　要：提升资本市场配置资源的效率是实现金融供给侧结构性深化改革目标的前提。基于2007—2020年中国沪深A股上市公司的数据,实证检验了多个大股东对股价同步性的影响。实证结果表明:多个大股东对股价同步性具有显著的抑制效果,提升了资本市场信息效率,该影响是通过提高会计信息质量、降低企业信息不对称度发挥作用的,且该实证结果在内生性检验后不变。进一步研究发现:数字化转型程度越高、媒体关注度就越强,多个大股东对股价同步性的抑制效果就越显著。因此,应当强化股权结构引导监管、提高会计信息质量、加速企业数字化转型和数字营销。Improving the efficiency of capital market resource allocation is the premise for achieving the goal of deepening financial supply-side structural reform.Based on the data of China's A-share listed companies in the stock markets of Shanghai and Shenzhen from 2007 to 2020,the impact of multiple major shareholders on the synchronization of the stock price is empirically tested.The empirical results show that multiple major shareholders have a significant inhibitory effect on stock price synchronicity,improving the information efficiency of the capital market.This influence plays a role by improving the quality of accounting information and reducing the asymmetry of enterprise information,and the empirical results remain unchanged after the endogenous test.Further research finds that the higher the degree of digital transformation,the stronger the media attention,and the more significant the inhibitory effect of multiple major shareholders on the synchronization of stock prices.Therefore,it is necessary to strengthen the guidance and supervision of equity structure guidance,improve the quality of accounting information,and accelerate the digital transformation of enterprises and digital marketing.

关 键 词：信息效率 多个股东 股价同步性 会计信息质量 信息不对称度 

分 类 号：F832.51[经济管理—金融学] F275.5