摘要
企业集团产业网络关系对于资本市场信息效率具有重要影响。本文以2008-2016年我国沪深A股上市公司为样本,构建了母子公司产业网络。实证研究发现:母子公司产业网络整体密度越大,资本市场的信息效率越低;上市母公司在产业网络中越是处于中心位置,资本市场的信息效率越低。产业网络关系对信息效率的影响效应可能通过影响盈余操纵成本这一中介路径来实现。进一步研究发现,所有权属性和地区制度环境对于产业网络与资本市场信息效率之间关系具有调节作用。本文深化了产业网络作用机制的理论研究,为企业集团提高资本市场信息效率提供借鉴与启示。
This paper is carried out based on the research question that how could industrial network relationship formed within business groups affect the information efficiency of capital market.Using the sample of Chinese A-share listed companies during the period of 2008 to 2016,we construct a theoretical analysis framework of the relationship between industrial network and synchronicity within the internal capital market of parent-subsidiary corporations.The results show that the higher the density of parent-subsidiary industrial network,the lower the information efficiency of capital market;the more central the listed parent company is in the industrial network,the lower the information efficiency of the capital market is.The negative effect of industrial network on information efficiency could be realized through affecting earnings manipulation cost.Further analysis shows that the property of ownership and the regional institutional environment have moderating effects on the relationship between the industrial network and the information efficiency.This research deepens the theoretical understanding of the mechanism of industrial network,which is helpful for business groups and regulators to improve the information efficiency of the capital market.
出处
《会计研究》
CSSCI
北大核心
2020年第10期136-149,共14页
Accounting Research
基金
国家自然科学基金项目(71772156)
教育部人文社会科学研究青年基金项目(20YJC630225)
中国博士后科学基金项目(2019M660472)的资助。
关键词
产业网络
信息效率
股价同步性
盈余操纵成本
Industrial Network
Information Efficiency
Stock Price Synchronicity
Earnings Manipulation Cost
