【作者】 李增泉；

【机构】 上海财经大学会计与财务研究院；

【摘要】 以我国上市公司1997-2001年的3790个观测点为研究样本,本文对股票价格信息含量与上市公司所有权安排之间的关系进行了实证分析。研究结果表明,无论是所有权集中度还是所有权性质都对股票价格的信息含量具有显著的影响。其中,第一大股东的持股比例与股票价格的信息含量存在显著的非线性关系(股票价格信息含量随第一大股东持股比例的提高先降低后提高);其他股东的持股比例与股票价格的信息含量之间则表现出显著的正相关关系。另外,无论是政府部门、资产经营公司还是国有企业控制的上市公司的股票价格信息含量都显著低于非国家控股的公司,并且国家控股公司的股票价格的信息含量不受国家控股方式的影响。更多还原

【Abstract】 Based on the sample of 3790 observations of the Chinese listed companies during 1997-2001,this paper empirically tests the relationship between the information contents of stock price and the ownership structure.The results indicate that not only the concentration but also the type of the large shareholders has influenced significantly the information contents of the stock price.That is,the shares owned by the first large shareholder is significantly non-linearly related to,and the shares owned by the other large shareholders are significantly positive related to the information contents of the stock price.In addition,the information contents of the price of the companies which controlled by the public sector is less than that of the companies which controlled by the private sector,whatever the public sector is the institution of the government,the control corporate or the SOE.更多还原