公司治理、机构投资者与股价
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摘要
基于A股上市公司2012～2017年的数据,分析上市公司的公司治理与股价之间的关系。研究结果表明:(1)第一大股东持股比例越高股价越高,两权分离度与股价呈负相关关系;董事长不兼任CEO的公司股价较高。总体来看,高质量的公司治理对股价具有显著的促进作用,并且这种促进作用在国有企业中更加明显。(2)独立机构投资者持股比例与股价存在显著正相关关系。进一步研究发现,在国有企业中,机构投资者对股价的促进作用更加明显。因此上市公司需要通过增加控股股东的现金流权、降低超额控制权、提高股权制衡度来平衡股东之间的利益关系,并注重发挥机构投资者的治理作用。
Based on the data of A-share listed companies from 2012 to 2017,this paper analyzes the relationship between corporate governance and stock price of listed companies.This paper breaks down corporate governance into several representative variables.The results show that:(1) The higher the shareholding ratio of the largest shareholder,the higher the share prices; the separation of the two powers is negatively correlated with the stock price; The company's share prices are higher if the chairman does not concurrently serve as the CEO; On the whole, high-quality corporate governance has a significant role in promoting stock prices, and this promotion is more pronounced in state-owned enterprises.(2) The empirical results show that there is a significant positive correlation between the shareholding ratio of independent institutional investors and the stock prices. Further research finds that in state-owned enterprises, the role of institutional investors in promoting stock prices is more obvious. The research in this paper provides empirical evidence for the relationship between corporate governance and stock prices. Listed companies need to increase the cash flow rights of controlling shareholders, reduce excess control rights, increase the balance of equity, the balance the interests of shareholders, and pay attention to the governance effects of institutional investors.
Based on the data of A-share listed companies from 2012 to 2017,this paper analyzes the relationship between corporate governance and stock price of listed companies.This paper breaks down corporate governance into several representative variables.The results show that:(1) The higher the shareholding ratio of the largest shareholder,the higher the share prices; the separation of the two powers is negatively correlated with the stock price; The company's share prices are higher if the chairman does not concurrently serve as the CEO; On the whole, high-quality corporate governance has a significant role in promoting stock prices, and this promotion is more pronounced in state-owned enterprises.(2) The empirical results show that there is a significant positive correlation between the shareholding ratio of independent institutional investors and the stock prices. Further research finds that in state-owned enterprises, the role of institutional investors in promoting stock prices is more obvious. The research in this paper provides empirical evidence for the relationship between corporate governance and stock prices. Listed companies need to increase the cash flow rights of controlling shareholders, reduce excess control rights, increase the balance of equity, the balance the interests of shareholders, and pay attention to the governance effects of institutional investors.
引文
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[17]Chung,K,H Zhang.Corporate Governance and Institutional Ownership[J].Journal of Finacial Quantitative Analysis,2011,46:247-273.
[18]窦欢,陆正飞.大股东代理问题与上市公司的盈余持续性[J].会计研究,2017,(5):24-31,88.
[19]夏宁,杨硕.异质性机构投资者持股水平与审计收费[J].审计研究,2018,(2):72-79.
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[2]周林洁.公司治理、机构持股与股价同步性[J].金融研究,2014,(8):146-161.
[3]Hou K,L Peng ang W Xiong.Is R2 a Measure of Market Inefficiency [Z].Working Paper,2013.
[4]Wang Y L Wu,Y Yang.Does the Stock Market Affect Firm Investment in china:A Price Informativeness Perspective[J].Journal of Banking and Finance,2009:33,53-62.
[5]Hu C H,S S Liu.The Implications of Low R2:Evidence from China[J].Emerging Markets Finance and Trade,2013,49:17-32.
[6]王立章,王咏梅,王志诚.控制权、现金流权与股价同步性[J].金融研究,2016,(5):97-110.
[7]Drobetz W,A Schillhofer H.Zimmermann.Corporate governance and expected stock returns:evidence from Germany[Z].Working Paper,University of Basel,2003.
[8]Black B S,H Jang,et al..Does Corporate Governance Predict Firms' Market Values-Evidence from New Panel Data[R].The 4th Asian Corporate Governance Conference,2005.
[9]王福胜,刘仕煜.基于联立方程模型的公司治理溢价研究——兼谈如何检验公司治理评价指标的有效性[J].南开管理评论,2009,12(5):151-160.
[10]李维安.中国投资者支付了公司治理溢价[J].南开管理评论,2006,(3):1.
[11]杨典.公司治理与企业绩效——基于中国经验的社会学分析[J].中国社会科学,2013,(1):72-94,206.
[12]白重恩,刘俏,陆洲,宋敏,张俊喜.中国上市公司治理结构的实证研究[J],经济研究,2005,(2):81-91.
[13]李汉军,张俊喜.上市企业治理与绩效间的内生性程度[J].管理世界,2006,(5):121-127,135.
[14]雷光勇,王文,金鑫.公司治理质量、投资者信心与股票收益[J].会计研究,2012,(2):79-86,97.
[15]Natalia Utrero-González,Francisco J.Callado-Mu?oz.Do investors react to corporate governance news?An empirical analysis for the Spanish market.BRQ Business Research Quarterly,2016,9(1):13-25.
[16]Suat Teker ,Ahmet Hakan Yüksel.Stock Price Reaction for Scoring on Corporate Governance.Procedia-Social and Behavioral Sciences,2014,150(15):985-992.
[17]Chung,K,H Zhang.Corporate Governance and Institutional Ownership[J].Journal of Finacial Quantitative Analysis,2011,46:247-273.
[18]窦欢,陆正飞.大股东代理问题与上市公司的盈余持续性[J].会计研究,2017,(5):24-31,88.
[19]夏宁,杨硕.异质性机构投资者持股水平与审计收费[J].审计研究,2018,(2):72-79.
[20]卢文华.培育积极机构投资者:深化国有企业改革的新思路[J].未来与发展.2016,(2):108-113.
[21]谭利,杨苗.不同制度环境下公司治理质量对投资效率的影响[J].证券市场导报,2013,(12):28-34.