战略联盟、信息披露与股价同步性  

Strategic Alliance, Information Disclosure and Stock Price Synchronicity

作　　者：涂国前 石琦[1,2] Tu Guoqian;Shi Qi

机构地区：[1]西南财经大学会计学院,611130 [2]株洲时代新材料科技股份有限公司,412007

出　　处：《会计研究》2024年第10期33-50,共18页Accounting Research

基　　金：西南财经大学研究生教育教学改革项目(2024YJG047)的资助。

摘　　要：通过手工整理2011-2021年A股上市公司战略合作公告文本数据,本文考察了战略联盟对信息披露和股价同步性的影响。研究发现:企业缔结战略联盟有助于从联盟内部获取资源,会降低公开信息披露的意愿,进而提高股价同步性。分析联盟特征发现,相比于横向战略联盟,缔结纵向战略联盟的企业,降低信息披露的倾向更加明显,股价同步性更高。相比于非研发型联盟,缔结研发型联盟的企业,降低信息披露的倾向更加明显,股价同步性更高。战略联盟的成员数量越多,企业降低信息披露的倾向更加明显,股价同步性更高。异质性分析结果表明,战略联盟对股价同步性的影响在信息透明度低、资源获取能力弱的企业更加明显。本文结论丰富了战略联盟经济后果的文献,也拓展了信息披露和资本市场定价影响因素的研究。Based on the strategic cooperation announcements issued by A-share listed companies from 2011 to 2021, this paper analyzes the impact of strategic alliance on information disclosure and stock price synchronicity. The findings are as follows: The formation of strategic alliances facilitates firms' access to resources within the alliance, which tends to reduce their willingness to disclose information publicly, thereby increasing stock price synchronicity. An analysis of alliance characteristics reveals that, compared to horizontal strategic alliances, firms involved in vertical strategic alliances show a more pronounced tendency to reduce information disclosure, leading to higher stock price synchronicity. Similarly, compared to non-R&D alliances, firms participating in R&D alliances exhibit a stronger inclination to reduce information disclosure, resulting in higher stock price synchronicity. Additionally, the larger the number of members in the strategic alliance, the stronger the firm's tendency to reduce information disclosure, further enhancing stock price synchronicity. Heterogeneity analysis indicates that the effect of strategic alliances on stock price synchronicity is more significant in firms with lower information transparency and weaker resource acquisition capabilities. This paper sheds new light on the literature on the economic consequences of strategic alliance, and expands the research on information disclosure and capital market pricing.

关 键 词：战略联盟 信息披露 股价同步性 

分 类 号：F83[经济管理—金融学]