对外担保与股价同步性
External Guarantees and Stock Price Synchronization
胡长冬 1姚曦2
作者信息
- 1. 乌鲁木齐职业大学工商管理学院,新疆 乌鲁木齐 830002
- 2. 新疆财经大学会计学院,新疆 乌鲁木齐 830012
- 折叠
摘要
本文以2010-2022年沪深A股上市公司为样本研究发现,上市公司对外担保与股价同步性显著正相关;同时,对外担保对股价同步性的提升作用在非国有企业、两权分离度高、法律环境较差的组别中更加显著.影响机制检验显示:对外担保通过降低企业信息透明度,进而提升了股价同步性.进一步研究发现,相较非子公司,对子公司提供担保更能提升股价同步性.本文的研究结论为我国股价"同涨同跌"的现象提供了理论解释,也为企业完善经营和改善资本市场信息效率提供了有益启示.
Abstract
Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2022,it is found that there is a significant positive correlation between the external guarantee and the stock price synchronization.Moreover,the promotion effect of the former on the latter is more significant in non-state-owned enterprises or in groups with higher degree of separation between ownership and control or in those with poor le-gal environment.The impact mechanism test shows that the former can improve the latter by reducing the transparency of corporate information.Further research finds that a guar-antee provided to a subsidiary can better enhance the stock price synchronization than that to a non-subsidiary.This result provides a theoretical explanation for the"in-lock-step rise and fall"of China's stock prices,and also inspires enterprises to improve their management and information efficiency in the capital market.
关键词
对外担保/股涨同步性/信息透明度/两权分离度/法律环境Key words
external guarantee/stock price synchronization/information transparen-cy/ownership-control separation/legal environment引用本文复制引用
基金项目
国家自然科学基金项目(71662028)
国家社科基金项目(21XJL014)
乌鲁木齐职业大学校级科研项目(2023XY003)
出版年
2024
NETL
NSTL
万方数据