共同机构所有权是否会提升上市企业股票定价效率
Enhancing Stock Pricing Efficiency through Common Institutional Ownership:Evidence from Chinese Listed Companies
李晓庆 1王思瑞2
作者信息
- 1. 南京信息工程大学管理工程学院
- 2. 西南交通大学经济管理学院
- 折叠
摘要
充分发挥共同机构所有权的信息桥梁和监督效应,对于推动资本市场的健康发展具有重要现实意义.以我国上市企业 2003-2021 年的面板数据为研究样本,实证检验共同机构所有权对企业股票定价效率的影响及作用机制.结果表明:共同机构所有权会显著提高上市企业股票定价效率,企业信息透明度是共同机构所有权影响上市企业股票定价效率的重要渠道,对于内部公司治理水平较高的企业、非国有企业和会计信息可比性较高的企业而言,共同机构所有权对上市企业股票定价效率的促进作用更为显著,共同机构所有权降低了股价崩盘风险.
Abstract
This study investigates the impact of common institutional ownership on the efficiency of stock pricing in Chinese listed companies spanning from 2003 to 2021,leveraging the emerging ownership paradigm of common institutional ownership.Employing empirical analysis grounded in theoretical frameworks,the paper examines the mechanism through which common institutional ownership influences the pricing efficiency of sampled firms.Findings reveal a significant enhancement in stock pricing efficiency attributable to common institutional ownership,a conclusion validated through a battery of robustness tests.Mediation analysis underscores the pivotal role of corporate information disclosure quality as a conduit through which common institutional ownership shapes the stock pricing dynamics of listed companies.Moreover,moderation analysis reveals that the positive influence of common institutional ownership on stock pricing efficiency is more pronounced within manufacturing firms,entities audited by lesser-known audit institutions,those boasting robust corporate governance structures,non-state-owned enterprises,firms characterized by high comparability of accounting information,and those navigating high external environmental uncertainty.The study elucidates how common institutional ownership fosters improved stock pricing efficiency,ultimately mitigating the risk of stock price crashes and attenuating their adverse impact on capital markets.
关键词
共同机构所有权/股票定价效率/信息透明度/股价崩盘风险引用本文复制引用
基金项目
国家社会科学基金一般项目(19BJY017)
出版年
2024
国家科技期刊平台
NSTL
维普
万方数据