摘要
笔者以中证800成分股作为样本,从经理层激励、董事会结构特征、股权结构特征、监事会特征4个层面选取指标代表公司治理特征,用知情交易者比例、买卖价差的信息不对称部分来代表信息不对称,构造了基于高频数据的市场流动性指标,研究公司治理特征对股市信息不对称性和流动性等股市微观结构的影响。实证结果表明,中国上市公司治理结构特征的相关指标对股票市场信息不对称、流动性等股市微观结构有着显著的影响。
The aim of the paper is to investigate the influence of corporate governance on the information asymmetry and liquidity of stock market. The index from the executive incentives,efficiency of board directors,ownership structure,and efficiency board supervisors are selected as the proxies of corporate governance,and information asymmetry and liquidity of the stock market are measured by some index. The empirical results indicate that some variables of corporate governance indeed influence information asymmetric and liquidity of the stock market.
出处
《经济经纬》
CSSCI
北大核心
2015年第5期138-143,共6页
Economic Survey
基金
国家自然科学基金项目(71173044)
上海市2012年浦江人才项目(12PJC078)
关键词
公司治理
信息不对称
流动性
Corporate Governance
Information Asymmetric
Liquidity
