实体企业产融结合与股价同步性  

The Industrial-Financial Integration between Entity Enterprises and Stock Price Synchronicity

作　　者：徐辉[1] 周孝华[2] XU Hui;ZHOU Xiao-hua(Chongqing Technology and Business University,Chongqing 400067;Chongqing University,Chongqing 400044,China)

机构地区：[1]重庆工商大学会计学院,重庆400067 [2]重庆大学经济与工商管理学院,重庆400044

出　　处：《当代财经》2023年第4期68-79,共12页Contemporary Finance and Economics

基　　金：重庆市社会科学规划项目“‘双碳’目标下碳信息披露赋能成渝地区双城经济圈绿色发展的协同机制及实践路径研究”(2021BS046);重庆市自然科学基金博士后项目“实体企业金融化的地区同群效应研究:生成机制、经济后果及治理”(cstc2021jcyj-bsh X0186);重庆工商大学高层次人才科研启动项目“‘实业+金融’的产融结合模式下企业创新投资行为及其经济后果研究”(2055015)。

摘　　要：资本市场的基本功能是借助股价信号机制来实现资源优化配置,而股价发挥优化资源配置功能的关键在于其反映公司真实信息的能力。基于股价同步性视角,利用2008—2020年沪深两市A股上市公司面板数据的实证研究表明,产融结合有利于抑制实体企业股价同步性,且这一现象在民营企业中更显著。进一步检验发现,缓解信息不对称、吸引投资者关注以及提高公司治理水平是产融结合对股价同步性产生抑制效应的作用机制;机构投资者持股以及媒体报道可以强化产融结合对股价同步性的抑制效应。上述结论从产融结合角度解释了股价同步性的形成机理,揭示了产融结合政策具有微观个体差异的公司特质信息,有助于加深对中国资本市场高股价同步性及其信息传递机制的理论认知,为重新认识“信息效率观”以及合理评估产融结合模式的微观治理效果提供了新思路。The basic function of capital markets is to realize the optimal allocation of resources by means of the stock price signal mechanism,and the key of stock price to play the optimal allocation function depends on its ability to reflect the real information of the company.From the perspective of stock price synchronicity,this paper conducts an empirical study by making use of the panel data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2020.The findings show that the industrial-financial integration can help suppress the stock price synchronicity of the real enterprises,and this phenomenon is more significant in private enterprises.Further examination reveals that the mechanism of the financial-industrial integration to inhibit the stock pricesynchronicity is to alleviate information asymmetry,attract investors’attention and improve corporate governance.The shareholding of institutional investors and the media reports can strengthen the inhibition effect of the financial-industrial integration on stock price synchronicity.The above conclusions can explain the formation mechanism of stock price synchronicity from the perspective of the financial-industrial integration,reveal the special company information with micro-individual differences of the financial-industrial integration policies,help to deepen the theoretical cognition of the high stock price synchronicity of China’s capital markets and its information transmission mechanism,and provide new ideas for the re-understanding of the“view of information efficiency”and the reasonable evaluation of the micro-governance effect of the industry-finance integration model.

关 键 词：产融结合 股价同步性 信息不对称 投资者关注 公司治理 

分 类 号：F239.43[经济管理—会计学]