摘要
本文从股权结构的信息意涵入手,结合影响公司价值的"信息不完全"因素,考察股权结构如何影响投资者认知判定公司价值的机制,以深入理解中国特殊制度背景下,股权结构及投资者认知对公司价值的影响过程及其后果。研究发现,中国股票市场的投资者由于面临较高的信息成本,无法识别内部人的行为选择,随着内部人持股增加而增加的信息不对称,对投资者认知效应会产生负向调节;当内部人一定程度上控制企业决策,但又不绝对掌握公司所有权时,投资者会预期到信息不对称对其投资回报的消极影响,从而减少投资,使投资者认知效应发生反转;存在两权分离的地方政府控制国有企业,内部人持股的公司治理效应及信息涵义均不明显,而具有资金转移倾向的民营企业内部人,随着其持股比例增加,转移资金的能力随之提高,会显著减损公司价值,但此时内部人隐藏信息的动机并不强烈,从而内部人持股对认知效应的调节作用均不显著。本文的政策启示是,关注投资者保护,降低内部人与外部投资者之间的信息不对称,对提高投资者的投资积极性具有重要意义,是促进股市持续健康发展的重要动力;地方政府控制的国有企业如果能够关注投资者的信息需求,加大信息披露,会对公司价值增值起到积极作用。
From the view of information meaning of shareholder structure of a firm, we test how the shareholder structure affects investors' valuation considering incomplete information, i.e. investor recognition. We find that the information asymmetry increased with the increase of insider holdings has negative moderator function on the investor recognition effect on the firm value for a higher information cost. When insiders have control rights in some extent, but no absolute control rights, investors can forecast the negative effects of information asymmetry on the return of investment, and then reduce trading. This makes the effect of investor recognition on firm value go into reverse. We also find that corporate governance effect or information meanings in the insider holdings are weak in the SOEs with separation between ownership and administration which controlled by local governments. The value of the private enterprises is decreased when the insiders' ability of withdrawing funds increases. The moderator function of the insider holdings in this type of enterprise is insignificant for the weak motivation of hidden information by the insiders. The policy implication of this paper is that paying attention to investor protection and reducing information asymmetry between insiders and external investors are important to raise investors' enthusiasm of trading, and they also help stock market develop healthily. Paying attention to investors' information needs or increasing information disclosure both have positive effects on the firm value of the SOEs controlled by local governments.
出处
《财务研究》
2015年第2期25-35,共11页
Finance Research
基金
国家自然科学基金项目(71472041)
关键词
内部人持股
投资者认知
公司价值
产权性质
insider holdings
investor recognition
firm value
nature of property right
