股权集中度对股价信息含量的影响研究  

The Impact of Equity Concentration on the Information Content of Stock Prices

作　　者：刘喜和[1] 白晶 Liu Xihe;Bai Jing

机构地区：[1]上海大学经济学院 [2]上海杉达学院胜祥商学院

出　　处：《金融经济学研究》2025年第2期101-113,共13页Financial Economics Research

基　　金：国家社会科学基金一般项目(22BJY117)。

摘　　要：厘清上市公司的公司治理结构与股票市场定价效率之间的关系,是完善资本市场监管体系的重要前提之一。基于2012—2022年沪深A股上市公司的面板数据,实证研究上市公司的股权集中度对股价信息含量的影响。研究结果表明,上市公司的股权集中度对股价信息含量的影响存在非线性效应,当股权集中度超过12%,公司股权集中程度越高,股价的信息含量也就越丰富,选择换手率与管理层持股比例作为工具变量进行内生性处理后,该结论依然成立。异质性分析表明,按照企业规模、机构持股比例、两职合一以及企业产权等标准进行分组分析,基准回归结论依然成立,但小规模企业、机构投资者持股较低的企业、非两职合一企业以及国有企业对于股票同步性具有更显著的正向效应。机制分析发现,企业股权集中度通过影响企业独立董事人数和企业商业信用对股价信息含量发挥作用。因此,上市公司应完善起治理结构并强化对独立董事权责利的考核。Clarifying the relationship between the governance structure of listed companies and pricing efficiency of stock markets is pivotal for enhancing the regulatory framework of capital markets.Based on panel data from Shanghai and Shenzhen A-share listed companies for the period 2012-2022,the effect of equity concentration on the information content of stock prices was empirically investigated in this study.The findings revealed a nonlinear effect of listed companies'equity concentration on the information content of stock prices.Specifically,when equity concentration exceeded 12%,a higher degree of concentration correlated with richer information content in stock prices.This conclusion remained robust after addressing endogeneity with the turnover rate and the percentage of management shareholding as instrumental variables.A heterogeneity analysis indicated that the baseline regression conclusions were consistent across different groupings based on company size,institutional ownership,CEO duality,and type of enterprise ownership.However,smaller companies,companies with lower institutional ownership,non-CEO duality companies,and state-owned companies exhibited a more significant positive effect on stock price synchronicity.A mechanism analysis suggested that equity concentration influenced the information content of stock prices through its impact on the number of independent directors and corporate commercial credit.Therefore,listed companies should improve their governance structures and strengthen the assessment of responsibilities and benefits for independent directors.

关 键 词：股权集中度 股价信息含量 股价的同步性 

分 类 号：F820.2[经济管理—财政学]