股价同步性与控股股东市场择时

被引：6

作者：

罗琦

付世俊

机构：

[1] 武汉大学经济与管理学院

来源：

中南财经政法大学学报 | 2015年 / 01期

关键词：

股价同步性; 控股股东; 市场择时; 股权再融资; 盈余管理;

D O I：

暂无

中图分类号：

F832.51 [];

学科分类号：

1201 ; 020204 ;

摘要：

我国资本市场信息效率低,上市公司股价波动不仅受公司特质信息的影响,同时也受到噪音信息的干扰。在公司股权再融资过程中,为获取控制权私利,控股股东有操纵盈余影响股价及股价同步性进行市场择时的动机。本文结合股价同步性考察股权再融资过程中控股股东的市场择时行为,研究发现,上市公司股权再融资过程中,控股股东的盈余管理行为向市场释放了噪音信息,使股价波动受到干扰,股价同步性降低。进一步研究发现,控股股东持股比例较高的上市公司实施盈余管理导致股价同步性降低的效果更为显著,并且股价同步性降低有助于控股股东选择市场时机实施再融资。

引用

页码：125 / 131+160 +160

页数：8

共 16 条

[11]

Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China[J] . Ferdinand A. Gul,Jeong-Bon Kim,Annie A. Qiu.Journal of Financial Economics . 2009 (3)

[12]

Opaque financial reports, R 2 , and crash risk[J] . Amy P. Hutton,Alan J. Marcus,Hassan Tehranian.Journal of Financial Economics . 2009 (1)

[13]

Firm diversification and earnings management: evidence from seasoned equity offerings[J] . Chee Yeow Lim,Tiong Yang Thong,David K. Ding.Review of Quantitative Finance and Accounting . 2008 (1)

[14]

Going Public without Governance: Managerial Reputation Effects[J] . ArmandoGomes.The Journal of Finance . 2002 (2)

[15]

The information content of stock markets: why do emerging markets have synchronous stock price movements?[J] . Randall Morck,Bernard Yeung,Wayne Yu.Journal of Financial Economics . 2000 (1)

[16]

Earnings management and the performance of seasoned equity offerings 1 I gratefully acknowledge the comments and suggestions of Philip Berger, Patricia Dechow, Kenneth Gaver (the referee), Robert Holthausen, Wayne Mikkelson (the editor), and Richard Sloan. I also thank Andrew Alford, Brad Barber, Randolph Beatty, Ilia Dichev, Paul Fisher, Gary Gorton, Paul Griffin, David Larcker, Mark Low, Patricia O'Brien, Madhav Rajan, Jay Ritter, Mark Vargus[J] . Srinivasan Rangan.Journal of Financial Economi

← 1 2 →