“厚此薄彼”还是“一视同仁”--主板公司管理者何以对待不同股价信号  

“Favoring One More than the Other”or“Treating Equally”--How Managers of Main-Board Companies Respond to Diverse Stock Price Signals

作　　者：金山[1] 蔡贵鸣 陈辉 JIN Shan;CAI Gui-ming;CHEN Hui(South China Institute of Financial Innovation,Guangdong University of Finance,Guangzhou 510521;School of Economics and Finance,South China University of Technology,Guangzhou 510006;School of Insurance,Guangdong University of Finance,Guangzhou 510521,China)

机构地区：[1]广东金融学院华南创新金融研究院,广东广州510521 [2]华南理工大学经济与金融学院,广东广州510006 [3]广东金融学院保险学院,广东广州510521

出　　处：《山西财经大学学报》2024年第6期113-126,共14页Journal of Shanxi University of Finance and Economics

基　　金：国家社会科学基金一般项目(21BJY078)。

摘　　要：将主板公司的同群公司划分为两类:主板同群公司和创业板同群公司,以此为基础,实证检验主板公司管理者是否会区别对待不同市场层次同群公司的股价信号,以及管理者信息相对地位的影响。研究表明:主板公司的管理者从主板同群公司股价中主要学习到竞争优势和竞争地位信息,从创业板同群公司股价中学习到一定程度的行业条件和成长机会信息;当管理者处于信息相对劣势地位时,主板公司管理者向市场学习的意愿更强。结论说明,随着生产过程和竞争形势变得日趋复杂,即便是大公司的管理者也会向不同来源的信息学习。Based on dividing the peer companies of main-board companies into peer companies in the main board market and that in the CEM,the paper empirically analyzed whether managers of main-board companies differentiated in their treatment of stock price signals from peer firms across distinct market tiers,and the role of managers'relative position of information in this relation.The results showed that:managers of main-board companies primarily gleaned insights on competitive advantages and competitive positions from the stock prices of main-board peers,whereas they derived the information about industry conditions and growth opportunities to a considerable extent from the stock prices of GEM peers.It was further demonstrated that when managers were in a relatively disadvantaged information position,their inclination to learn from the market would be stronger.The empirical results revealed that,as production process and competitive situation became more complex,even managers of large companies were inclined to learn from diverseinformational sources.

关 键 词：多层次资本市场 股价信号 研发投资 信息相对地位 同群效应 

分 类 号：F832[经济管理—金融学]