【摘要】 股价信息含量决定因素研究是目前资本市场领域的实证研究热点,以2000年～2005年的中国上市公司为研究样本,采用非平衡面板数据模型的回归方法,实证分析制度环境与公司治理因素对股价信息含量的影响,制度环境因素包括区域制度环境和双重上市两个方面,公司治理因素包括股权结构、董事会特征、治理会议、管理层激励和审计质量5个方面。实证结果表明,在制度环境较好的省市,股价信息含量较高,第一大股东持股比例与股价信息含量呈倒U型关系,双重上市、股权制衡度、独立董事比例、董事会规模、股东与董事会年度会议次数和管理层持股比例与股价信息含量显著正相关,国有股比例与股价信息含量显著负相关,两职合一和审计质量对股价信息含量没有显著影响。实证结果对于如何提高证券市场股价信息含量和资源配置效率有较大的政策指导意义。更多还原

【Abstract】 At present the research on the determinants of stock price informativeness is a hot topic of capital market field.The research takes panel data of Chinese listed companies from 2000 to 2005 as the research sample,and studies the influence of institutional environment and corporate governance on stock price in formativeness with the non-panel data model regression method.Among it,institutional environment factors are comprised of regional institutional environment and cross-listing there two factors and corporate governance factors are comprised of ownership structure,the features of board of directors,governance meetings,management incentives and audit quality there five factors.The empirical results indicate that: stock price informativeness will be higher in provinces with better institutional environment,the largest shareholder equity ratio holds a inverse "U" type correlation with stock price informativeness,cross-listing,outside blockholders,independent director ratio,scale of the board of directors,annual meeting times of the shareholders or board of directors and management ownership have significantly positive correlation with stock price informativeness;state-owned shares ratio has negative correlation with stock price informativeness,CEO duality and audit quality do not have remarkable influence on stock price informativeness.The results have important policy guidance meanings on how to improve Chinese stock price informativeness and market capital allocation efficiency.更多还原