菜单
  

    股权结构方面,有李增泉(2005),袁知柱、鞠晓峰(2009),张博等(2010)讨论,国有股比例与股价信息含量表现为负向关系;第一大股东的持股比例与股价信息含量呈倒U型关系。

    公司治理方面,齐颂超(2012)研究证明独立董事比例、年度内董事会会议次数及交叉上市与股价信息含量显著正相关,而国有股比例对股价信息含量具有显著的负向影响。周丽(2012)研究表明公司治理与股价信息含量存在正相关关系。

    在股价信息含量经济后果的研究方面,杨继伟、聂顺江(2010)借鉴 Richardson 模型计量上市公司的自由现金流、投资不足和投资过度,以股价同步性衡量股价信息含量,结果表明,提升股价信息含量不但能有效抑制公司滥用自由现金流进行过度投资的行为,而且能有效缓解公司的投资不足,从而改善资本的配置效率。顾乃康、陈辉(2010)研究了股票流动性、股价信息含量与公司投资决策三者之间的关系。证明了股票流动性与股价信息含量呈倒 U 型关系,但投资与股价之间的敏感性并没有受到股价信息含量大小的影响。

    参考文献

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    [2]Ashbaugh-Skaife H., D. W. Collins, W. R. Kinney and R. Lafond. The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity[J].Journal of Accounting Research,2009,47:1-47

    [3]Beuselinck C, Joos P, Khurana I, et al. Mandatory IFRS reporting and stock price informativeness[J]. Available at SSRN 1381242, 2009.

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    [5]Ding R, Hou W, Kuo J M, et al. Fund Ownership and Stock Price Informativeness of Chinese Listed Firms[J].Journal of Multinational Financial Management,2013.

    [6]Doyle J., W. Ge, and S. McVay.Accruals Quality and Internal Control over Financial Reporting[J].The Accounting Review,2007,85(5):1141-1170

    [7]Ferreira D, Ferreira M A, Raposo C. Board structure and price informativeness[J].Journal of Financial Economics, 2011,99(3):523-545.

    [8]Hogan C. E. and Wilkins M. S. Evidence on the Audit Risk Model: Do Auditors Increase Audit Fees in the Presence of Internal Control Deficiencies? [J].ontemporary Accounting Research,2008,25: 219-242 

    [9]K.Chan,A.Hameed.Stock price synchronicity and analyst coverage in emerging markets[J].Journal of Financial Economics,2006,80:115-147

    [10]K.Haggard,Xiumin Martin and R.Pereira.The impact of Voluntary Disclosure on Stock Price Informativeness[C].FMA 2006 Annual Meeting,University of Missouri Columbia,2006

    [11]Khandaker S, Heaney R. Do emerging markets have higher stock synchronicity? the international evidence[C]//Proceedings from: The 9th International Business Research Conference. Melbourne, Australia, World Business Institute. 2008.

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    [13]Kohlbeck,M. J. and B. W. Mayhew. Agency costs, contracting, and related party transactions.Working Paper,University of Wisconsin,2004

    [14]Li.Jin,S.C.Myers.R2 around the World:New Theory and New Tests[J].Journal of Financial Economics,2006,79(2):257-292

    [15]Morck R.,Belnard Yeung,Wayne Yu. The Information Content of Stock Markets:Why do Emerging Markets Have Synchronous Stock Price Movement?[J].Journal of Financial Economies,2000,58:215-260

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