摘要
停牌制度作为资本市场的一项交易机制,传统信息观理论以投资者与公司之间存在信息不对称作为分析的逻辑起点,却对信息不对称的产生原因或量化问题未深入剖析,亦未曾解释我国股票市场上上市公司停牌存在地区差异的现象。以地理位置衡量上市公司与外部投资者之间由“软信息”带来的信息不对称,本文探究了上市公司长期停牌的动因。研究发现,当公司注册地位于大都市或距离大都市较近时,上市公司的停牌时长和次数均较少;当公司注册地远离航空中心时,上市公司的停牌时长和次数均较多。进一步研究发现,此种现象在民营上市公司中更加显著。而高铁开通极大压缩了时空距离,显著减弱了因地理距离带来的“软信息”搜集成本和传输障碍。这表明地理位置是上市公司长期停复牌的重要制约因素,它直接影响了公司与外部投资者之间的软信息不对称,影响到市场交易机制的效率。
As a trading mechanism of capital market,the traditional information theory takes the information asymmetry as the logical starting point of analysis,but does not deeply analyze the causes or quantification of information asymmetry.There is no explanation for the regional differences in the halt of listed companies in China s stock market.By geographic location to measure the information asymmetry between listed companies and investors,the paper provides strong evidence that the duration and number of halts of listed companies are less when a listed company is located in a metropolis or is closer to a metropolis.When the company is registered away from the aviation center,the listed companies have more halts and times.It is further found that this phenomenon is more prominent in private listed companies.The high-speed rail effect brought about by the opening of the high-speed rail has significantly weakened the transmission barrier of“soft information”caused by geographical distance.This indicates that geographic location is an important dimension of halt,which directly affects soft information asymmetry between the company and external investors,and affects the efficiency of market transaction mechanisms.
作者
郭思永
杨鲁
黄子育
GUO Si-yong;YANG Lu;Huang Zi-yu
出处
《中央财经大学学报》
CSSCI
北大核心
2020年第11期73-86,共14页
Journal of Central University of Finance & Economics
基金
国家自然科学基金青年项目“内部控制对创新投资的影响研究:融资约束与代理成本的视角”(项目编号:71602118)
上海市教育委员会2019年重点课程“公司治理”。
关键词
停牌
地理位置
软信息不对称
高铁开通
Stock halt
Geographic location
Soft information asymmetry
High-speed rail
