摘要
选择2007—2017年我国沪深A股非金融、房地产行业上市公司数据为样本对企业金融化与资本市场信息效率的关系进行了研究。研究发现:企业金融化降低了资本市场信息效率,且这种消极影响主要是由于长期金融资产配置造成的。进一步研究发现,企业金融化对资本市场信息效率的负面效应在国有企业、投资者关注度较低以及金融生态环境较好的地区更加明显。机制检验发现企业金融化主要是通过降低信息的透明度来减损资本市场信息效率。
Choosing the data of Shanghai and Shenzhen A-share listed companies of non-financial and real estate industries from 2007 to 2017 as samples,this paper studied the relationship between corporate financialization and capital market information efficiency.The study found that corporate financialization had reduced capital market information efficiency,and the negative impact was mainly caused by long-term financial asset allocation.Further research showed that this negative effect was more significant in state-owned enterprises,and the regions with less attention of investors or better financial ecological environment.Mechanism test showed that,the main channel of this negative effect was to reduce information transparency.
作者
杜洋洋
田祥宇
DU Yang-yang;TIAN Xiang-yu(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)
出处
《统计学报》
2021年第2期66-79,共14页
Journal of Statistics
关键词
金融化
资本市场信息效率
股价同步性
长期金融资产配置
信息透明度
financialization
capital market information efficiency
stock price synchronicity
long-term financial asset allocation
information transparency
