摘要
经济主体之间的地理距离是影响信息传递效率的重要因素,交通基础设施建设可以通过重塑空间结构来减少由于地理距离造成的信息损失.本文利用中国高铁开通这一准自然实验,检验了高铁开通影响股价同步性可能存在的信息效应和治理效应.研究发现,高铁开通显著降低了沿线企业的股价同步性,采用安慰剂检验和工具变量法控制内生性问题后该结论依然稳健;作用机理研究表明,高铁开通主要通过信息效应而非治理效应来降低股价同步性;异质性分析发现,在初始交通资源匮乏和信息基础设施薄弱的地区,高铁开通对股价同步性的影响更为显著.本文为新经济地理学和资本市场会计与财务领域的交叉研究提供了有益启示,证实了交通基础设施建设在提升资本市场信息效率方面有着积极作用,为在“一带一路”建设框架下实现区域资本市场的互联互通提供参考.
The geographical distance between economic agents is an important factor affecting the efficieney ofinformation transmission.The construction of transportation infrastructure can alleviate the information lost caused by geographical distance by reshaping the spatial structure.This paper uses the quasi-natural experi-ment of China's high-speed rail(HSR)opening to test the impact of HSR on stock price synchronization:whether it is the information-content effect or governance effect.The study finds that:1)The introduction of HSR can reduce the stock price synchronization of companies along the railwav,and the conclusions are stil significant after controlling for endogenous problemsby utilizing placebo test and instrumental variables ap-proach.2)Mechanism analysis shows that the opening of HSR reduces stock price synchrnization through in-formation-content effect rather than governance effect.3)Heterogeneity analysis finds that when the informa-tion environment is weak or transportation resources are scarce,the impact of HSR opening on stock price syn chronization is more significant.Our paper provides great inspiration for the crossover study of new economic geography and capital market accounting and finance,and confirms the positive role of infrastructure construc-tion in improving the efficiency of capital market information,which provides references for achieving the in-terconnection of regional capital markets under the construction framework of"the Belt and Road".
作者
陈克兢
康艳玲
闵霞
李延喜
CHEN Ke-jingl;KANG Yan-ling;MIN Xia;LI Yan-xi(School of Accounting/China Internal Control Research Center,Dongbei University of Finance and Economics,Dalian 116025,China;School of Economics and Management,Dalian University of Technology,Dalian 116024,China)
出处
《管理科学学报》
CSSCI
CSCD
北大核心
2021年第12期1-17,共17页
Journal of Management Sciences in China
基金
国家社会科学基金资助重大项目(18ZDA95)
国家自然科学基金资助项目(71802043,71772029)
教育部人文社会科学研究青年基金项目(18YJC63007)
教育部人文社会科学研究规划基金项目(20YJA790004)
辽宁省教育厅青年科技人才"育苗"项目(LN2019005).
关键词
股价同步性
高铁
公司私有信息
信息效应
治理效应
stock price synchronization
high-speed rail
firm-specific information
information-content effect
governance effect
