|
|
|
| Stock Price Synchronicity and the Separation of Ownership between Control Rights |
| WANG Lizhang, WANG Yongmei, WANG Zhicheng
|
Jinan Branch,the People’s Bank of China;
Guanghua School of Management,Peking University |
|
|
|
|
Abstract This paper examines the financial market information barrier effects of the separation of ownership and control of Chinese a-share listed firms over the 2003-2013 period. The results show that the separation of cash flow rights from voting rights and the nature of controlling shareholders have positive correlation with stock price synchronicity, while ownership balance and stock price synchronicity are negatively correlated. Furthermore, the nature of state-owned company can significantly reduce the positive impact of the separation on stock price synchronicity. The separation of cash flow rights from voting rights, and state-owned and low level ownership balance will reduce the level and effectiveness of financial disclosure, so as bring about synchronicity and reduce market efficiency.
|
|
Received: 30 September 2015
Published: 12 April 2018
|
|
|
|
|
| [1] |
陈梦根和毛小元,2007,《股价信息含量与市场交易活跃程度》,《金融研究》第3期,第125~139页。
|
| [2] |
冯旭南和李心愉,2011,《中国证券分析师能反映公司特质信息吗?——基于股价波动同步性和分析师跟进的证据》,《经济科学》第4期,第99~106页。
|
| [3] |
谷祺、邓德强和路倩,2006,《现金流权与控制权分离下的公司价值——基于我国家族上市公司的实证研究》,《会计研究》第4期,第30~36页。
|
| [4] |
李增泉,2006,《所有权安排与股票价格的同步性——来自中国股票市场的证据》,《中国会计与财务研究》第3期,第57~100页。
|
| [5] |
刘星、刘理和豆中强,2010,《控股股东现金流权, 控制权与企业资本配置决策研究》,《中国管理科学》第6期,第147~154页。
|
| [6] |
马磊和徐向艺,2010,《两权分离度与公司治理绩效实证研究》,《中国工业经济》第12期,第108~116页。
|
| [7] |
唐松、胡威和孙铮,2011,《政治关系, 制度环境与股票价格的信息含量——来自我国民营上市公司股价同步性的经验证据》,《金融研究》第7期,第182~195页。
|
| [8] |
王鹏和周黎安,2006,《控股股东的控制权, 所有权与公司绩效: 基于中国上市公司的证据》,《金融研究》第2期,第88~98页。
|
| [9] |
王立文,2011,《机构投资者, 现金股利政策与股票市场稳定性研究——来自2005—2009年中国A股上市公司的经验证据》,《当代经济科学》第5期,第99~108页。
|
| [10] |
王亚平、刘慧龙和吴联生,2010,《信息透明度, 机构投资者与股价同步性》,《金融研究》第12期,第162~174页。
|
| [11] |
尹雷,2010,《机构投资者持股与股价同步性分析》,《证券市场导报》第3期,第72~77页。
|
| [12] |
游家兴、张俊生和江伟,2007,《制度建设, 公司特质信息与股价波动的同步性——基于R2研究的视角》,《经济学(季刊)》第1期,第194~211页。
|
| [13] |
于悦,2013,《信息披露质量与股票价格的信息含量研究——基于股价同步性问题的研究综述》,《中国管理信息化》第3期,第31~32页。
|
| [14] |
袁知柱和鞠晓峰,2008,《中国上市公司会计信息质量与股价信息含量关系实证检验》,《中国管理科学》第1期,第231~234页。
|
| [15] |
袁知柱和鞠晓峰,2009,《制度环境, 公司治理与股价信息含量》,《管理科学》第1期,第17~29页。
|
| [16] |
Almeida, H. V., 2006, “Wolfenzon D. A Theory of Pyramidal Ownership and Family Business Groups,” The Journal of Finance, 61(6), pp.2637~2680.
|
| [17] |
Chan, K. and Hameed A., 2006, “Stock Price Synchronicity and Analyst Coverage in Emerging Markets,” Journal of Financial Economics, 80(1), pp.115~147.
|
| [18] |
Chaudhry, M., Maheshwari S. and Webb J., 2004, “REITs and Idiosyncratic Risk,” Journal of Real Estate Research, 26(2), pp.207~222.
|
| [19] |
Claessens, S., Djankov S. and Larry H. P., 2000, “The Separation of Ownership and Control in East Asian Corporations,” Journal of Financial Economics, 58(1), pp.81~112.
|
| [20] |
Claessens, S., Djankov S. and Fan J. P. H., 2002, “Disentangling the Incentive and Entrenchment Effects of Large Shareholdings,” The Journal of Finance, 57(6), pp.2741~2771.
|
| [21] |
Durnev, A., Morck R. and Yeung B, 2003, “Does Greater Firm‐Specific Return Variation Mean More or Less Informed Stock Pricing,”Journal of Accounting Research, 41(5), pp.797~836.
|
| [22] |
Fan, J. P. H. and Wong T. J., 2002, “Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia,” Journal of Accounting and Economics, 33(3), pp.401~425.
|
| [23] |
Gul, F. A., Kim J. B. and Qiu A. A., 2010, “Ownership Concentration, Foreign Shareholding, Audit Quality, and Stock Price Synchronicity: Evidence from China,” Journal of Financial Economics, 95(3), pp.425~442.
|
| [24] |
Jin, L. and Myers S. C., 2006, “R2 around the World: New theory and New Tests,” Journal of Financial Economics, 79(2), pp.257~292.
|
| [25] |
La Porta, R., Lopez-de-Silanes F. and Shleifer A., 1999, “Corporate Ownership around the World,” The Journal of Finance, 54(2), pp.471~517.
|
| [26] |
La Porta, R., Lopez-De-Silanes F. and Shleifer A., 2002, “Investor Rrotection and Corporate Valuation,” The Journal of Finance, 57(3), pp.1147~1170.
|
| [27] |
Marchica, M. T. and Mura R., 2005, “Direct and Ultimate Ownership Structures in the UK: An Intertemporal Perspective over the Last Decade,” Corporate Governance: An International Review, 13(1), pp.26~45.
|
| [28] |
Morck, R., Yeung B. and Yu W., 2000, “The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements,” Journal of Financial Economics, 58(1), pp.215~260.
|
| [29] |
Piotroski J. D. and Roulstone D. T., 2004, “The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-specific Information into Stock Prices,” The Accounting Review, 79(4), pp.1119~1151.
|
| [30] |
Roll R., 1988, “R2,” Journal of Finance, Vol. 43(3), pp. 541~566.
|
|
|
|
