家族控制程度对上市公司股价情绪效应的影响研究
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摘要
上市公司家族控制程度的差异是否会引起投资者对其股票估值的不确定性的变化,这一问题在现有家族企业研究文献中鲜有涉及。基于我国A股家族上市公司样本的2009—2017年度数据,从股票超额收益率对投资者情绪敏感度的角度,分析了家族控制程度对股价情绪效应的影响。研究发现,家族控制程度的增加会加剧上市公司股价的情绪效应,股票超额收益率对投资者情绪的波动更为敏感,而且公司规模越小,账面市值比越低,则其股价情绪效应越明显。股权制衡程度更高的公司,家族控制程度对其股价情绪效应的影响会降低,说明有效的治理结构会减缓股价情绪效应。公司主动性信息披露、代际传承进展,以及公司所处行业的市场竞争程度,均显著地负向调节家族控制程度对股价情绪效应的影响,减缓了收益率对情绪的敏感程度。通过改善这些变量的监管状况,可以有效缓解投资者情绪对家族控制公司股价的冲击,促进股票市场的平稳运行。
Whether family control in listed companies will affect investors' judgment of stock valuation is rarely involved in the existing research literature. Based on the sample data of China's A-share family-owned listed companies during the years from 2009 to 2017,this paper analyzes the influence of family control degree on the sentiment effect of stock return( SESR) from the perspective of stock excess return rate to investor sentiment sensitivity. The moderating effects of information disclosure,intergenerational inheritance and industry competition are discussed as well. The empirical results show that the increase of family control can aggravate SESR,i. e. the stock excess return rate is more sensitive to the fluctuation of investor sentiment. The result also indicates that the smaller the company is,the lower the book-to-market ratio is,and the more obvious the SESR is. The influence of family control on SESR can be reduced for companies with a higher degree of equity balance,which indicates that an effective governance structure can weaken SESR. The information disclosure,intergenerational inheritance,and market competition of companies can significantly negatively regulate the impact of family control on SESR. By improving the regulatory status of these variables,it can effectively alleviate the impact of investor sentiment on the stock price of a family control company and promote the smooth operation of the stock market.
Whether family control in listed companies will affect investors' judgment of stock valuation is rarely involved in the existing research literature. Based on the sample data of China's A-share family-owned listed companies during the years from 2009 to 2017,this paper analyzes the influence of family control degree on the sentiment effect of stock return( SESR) from the perspective of stock excess return rate to investor sentiment sensitivity. The moderating effects of information disclosure,intergenerational inheritance and industry competition are discussed as well. The empirical results show that the increase of family control can aggravate SESR,i. e. the stock excess return rate is more sensitive to the fluctuation of investor sentiment. The result also indicates that the smaller the company is,the lower the book-to-market ratio is,and the more obvious the SESR is. The influence of family control on SESR can be reduced for companies with a higher degree of equity balance,which indicates that an effective governance structure can weaken SESR. The information disclosure,intergenerational inheritance,and market competition of companies can significantly negatively regulate the impact of family control on SESR. By improving the regulatory status of these variables,it can effectively alleviate the impact of investor sentiment on the stock price of a family control company and promote the smooth operation of the stock market.
引文
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[14]刘静,刘刚,梁晗.中国家族上市公司代际绩效差异的影响机制研究[J].北京工商大学学报(社会科学版),2017(4):116-126.
[15]LUMPKIN,BRIGHAM G,KEITH H.Long-term orientation and intertemporal choice in family firms[J].Entrepreneurship Theory&Practice,2011,35(6):1149-1169.
[16]BAKER M,WURGLER J.Market timing and capital structure[J].Journal of Finance,2002,57(1):1-32.
[17]马忠,吴翔宇.金字塔结构对自愿性信息披露程度的影响:来自家族控股上市公司的经验验证[J].会计研究,2007(1):44-50.
[18]魏志华,李常青.家族控制、法律环境与上市公司信息披露质量:来自深圳证券交易所的证据[J].经济与管理研究,2009(8):95-102.
[19]吴育辉,吴世农,魏志华.管理层能力、信息披露质量与企业信用评级[J].经济管理,2017(1):165-180.
[20]傅传锐,洪运超.公司治理、产品市场竞争与智力资本自愿信息披露---基于我国A股高科技行业的实证研究[J].中国软科学,2018(5):128-134.
[21]CHRISMAN J,PATEL P C.Variations in R&Dinvestments of family and nonfamily firms:behavioral agency and myopic loss aversion perspectives[J].Academy of Management Journal,2012,55(4):976-997.
[22]汪祥耀,金一禾.家族企业代际传承及二代推动战略转型的绩效研究[J].财经论丛,2015(11):61-70.
[23]NICKELL S.Competition and corporate performance[J].Journal of Political Economy,1996,104(3):724-746.
[24]LAEVEN L,LEVINE R.Complex ownership structures and corporate valuations[J].Review of Financial Studies,2008,21(2):579-604.
[25]陈德球,魏刚,肖泽中.法律制度效率、金融深化与家族控制权偏好[J].经济研究,2013(10):55-67.
(1)限于篇幅,投资者情绪构建的源指标的含义、描述性统计结果未在文中列示,作者将所有数据交由编辑部备存,读者可以联系编辑部或作者索取。
[2]储小平,李怀祖.信任与家族企业的成长[J].管理世界,2003(6):98-104.
[3]李善民,王陈佳.家族企业的概念界定及其形态分类[J].中山大学学报(社会科学版),2004(3):66-70.
[4]BIRD B,WELSCH H,ASTRACHAN J H.Family business research:the evolution of an academic field[J].Family Business Review,2010,15(4):337-350.
[5]CHRISMAN J J,CHUAN J H,STEIER L P.An introduction to theories of family business[J].Journal of Business Venturing,2003,18(4):441-448.
[6]CAMPBELL J Y,VICEIRA L M.Consumption and portfolio decisions when expected returns are time varying[J].Quarterly Journal of Economics,2000,114(2):433-495.
[7]BAKER M,WURGLER J.Investor sentiment in the stock market[J].Journal of Economic Perspectives,2007,21(2):129-151.
[8]王春.投资者情绪对股票市场收益和波动的影响---基于开放式股票型基金资金净流入的实证研究[J].中国管理科学,2014(9):49-56.
[9]刘维奇,武翰章.投资者情绪会影响股票市场的误定价吗?---基于上证A股市场的实证研究[J].金融与经济,2018(3):19-25.
[10]LOPEZDE S,PORTA R L,SHLEIFER A.Investor protection and corporate governance[J].Journal of Financial Economics,2000,58(1):3-27.
[11]倪中新,武凯文,周亚虹,等.终极所有权视角下的上市公司股权融资偏好研究---控制权私利与融资需求分离[J].财经研究,2015(1):132-144.
[12]葛永盛,张鹏程.家族企业股权融资偏好及治理效应的实证研究[J].科研管理,2014(9):87-97.
[13]VILLALONGA B,AMIT R.How do family ownership,control and management affect firm value?[J].Social Science Electronic Publishing,2006,80(2):385-417.
[14]刘静,刘刚,梁晗.中国家族上市公司代际绩效差异的影响机制研究[J].北京工商大学学报(社会科学版),2017(4):116-126.
[15]LUMPKIN,BRIGHAM G,KEITH H.Long-term orientation and intertemporal choice in family firms[J].Entrepreneurship Theory&Practice,2011,35(6):1149-1169.
[16]BAKER M,WURGLER J.Market timing and capital structure[J].Journal of Finance,2002,57(1):1-32.
[17]马忠,吴翔宇.金字塔结构对自愿性信息披露程度的影响:来自家族控股上市公司的经验验证[J].会计研究,2007(1):44-50.
[18]魏志华,李常青.家族控制、法律环境与上市公司信息披露质量:来自深圳证券交易所的证据[J].经济与管理研究,2009(8):95-102.
[19]吴育辉,吴世农,魏志华.管理层能力、信息披露质量与企业信用评级[J].经济管理,2017(1):165-180.
[20]傅传锐,洪运超.公司治理、产品市场竞争与智力资本自愿信息披露---基于我国A股高科技行业的实证研究[J].中国软科学,2018(5):128-134.
[21]CHRISMAN J,PATEL P C.Variations in R&Dinvestments of family and nonfamily firms:behavioral agency and myopic loss aversion perspectives[J].Academy of Management Journal,2012,55(4):976-997.
[22]汪祥耀,金一禾.家族企业代际传承及二代推动战略转型的绩效研究[J].财经论丛,2015(11):61-70.
[23]NICKELL S.Competition and corporate performance[J].Journal of Political Economy,1996,104(3):724-746.
[24]LAEVEN L,LEVINE R.Complex ownership structures and corporate valuations[J].Review of Financial Studies,2008,21(2):579-604.
[25]陈德球,魏刚,肖泽中.法律制度效率、金融深化与家族控制权偏好[J].经济研究,2013(10):55-67.
(1)限于篇幅,投资者情绪构建的源指标的含义、描述性统计结果未在文中列示,作者将所有数据交由编辑部备存,读者可以联系编辑部或作者索取。