摘要
本文基于现有理论文献,使用联立方程组模型探索在具有转型和新兴特征的中国证券市场中,分析师跟进、管理层持股与公司价值三者的相关关系。研究发现,分析师跟进有助于投资者发现公司价值,管理层持股与公司价值存在U型非线性关系;管理层持股对分析师跟进的影响呈倒U型;分析师跟进与管理层持股在投资者发现公司价值、提升公司价值方面体现的是协同效应。同时,研究发现分析师跟进、管理层持股比例与公司价值之间是相互作用,相互影响的。
Based on the existing literature, we estimates a simultaneous equations model with analyst flowing, managerial ownership and firm valuation jointly determined in Chinese stock market which has the emerging and transition characteristics. Our research leads to several interesting conclusions： firstly, we find analyst flowing enhances firm value observably, managerial ownership and firm value has a nonlinear U - shaped relationship. Secondly, we find managerial ownership is an inverted U - shaped determination of analyst flowing. Thirdly, we find analyst flowing and managerial ownership have alignment effect to enhance firm value; both play a complementary role in the promotion of the firm value. Finally, we find that analyst coverage, managerial ownership and firm valuation are jointly determined.
出处
《南方经济》
CSSCI
北大核心
2009年第3期62-72,共11页
South China Journal of Economics
基金
教育部创新基地"南京大学经济转型与发展研究中心"子课题"行为金融学"及"复杂经济系统演化"课题的资助
