摘要
充分发挥共同机构所有权的信息桥梁和监督效应,对于推动资本市场的健康发展具有重要现实意义。以我国上市企业2003—2021年的面板数据为研究样本,实证检验共同机构所有权对企业股票定价效率的影响及作用机制。结果表明:共同机构所有权会显著提高上市企业股票定价效率,企业信息透明度是共同机构所有权影响上市企业股票定价效率的重要渠道,对于内部公司治理水平较高的企业、非国有企业和会计信息可比性较高的企业而言,共同机构所有权对上市企业股票定价效率的促进作用更为显著,共同机构所有权降低了股价崩盘风险。
This study investigates the impact of common institutional ownership on the efficiency of stock pricing in Chinese listed companies spanning from 2003 to 2021,leveraging the emerging ownership paradigm of common institutional ownership.Employing empirical analysis grounded in theoretical frameworks,the paper examines the mechanism through which common institutional ownership influences the pricing efficiency of sampled firms.Findings reveal a significant enhancement in stock pricing efficiency attributable to common institutional ownership,a conclusion validated through a battery of robustness tests.Mediation analysis underscores the pivotal role of corporate information disclosure quality as a conduit through which common institutional ownership shapes the stock pricing dynamics of listed companies.Moreover,moderation analysis reveals that the positive influence of common institutional ownership on stock pricing efficiency is more pronounced within manufacturing firms,entities audited by lesser-known audit institutions,those boasting robust corporate governance structures,non-state-owned enterprises,firms characterized by high comparability of accounting information,and those navigating high external environmental uncertainty.The study elucidates how common institutional ownership fosters improved stock pricing efficiency,ultimately mitigating the risk of stock price crashes and attenuating their adverse impact on capital markets.
作者
李晓庆
王思瑞
LI Xiaoqing;WANG Sirui
出处
《阅江学刊》
2024年第3期121-131,175,共12页
Yuejiang Academic Journal
基金
国家社会科学基金一般项目“外部冲击对股市价格跳跃影响的作用机理、预警及风险防控研究”(19BJY017)。
