作　　者： ; ; ;

机构地区： 广东财经大学

出　　处： 《南开管理评论》 2016年第5期41-54,共14页

摘　　要： 本文提供了违规监管在资本市场层面发挥治理效应的经验证据,研究发现,违规监管的治理效应体现在两个方面:一是有助于揭示公司的异质性信息,降低股价同步性;二是有助于降低市场噪音,削弱公司不透明水平与股价同步性之间的负向关系。进一步的研究发现,在外部制度环境较好的地区,违规监管能够发挥显著的治理作用,而在外部制度环境较差的地区,治理效应并不明显。这一发现表明,违规监管的治理效应不仅取决于其自身,还取决于发挥作用的外部条件。 This article provides evidence that external enforcement actions have governance effect in China＇s capital market marked by ＂emerging and transition＂. According to the research, the opacity of corporate is negative correlated with stock price synchronicity, which implies the China＇s capital market is immature and full of speculative excess, so that the idiosyncratic stock price volatility is largely driven by noise. However, the external enforcement actions manifest an important governance effect on the capital market, which is reflected in two aspects： On the one side, supervision that decreases stock price synchronicity contributes to revealing firm＇s heterogeneous information; on the other side, supervision weakens the negative relationship between corporate opacity and stock price synchronicity, which means it helps to reduce the market noise. The results above show that supervising of external enforcement actions promotes the transform of idiosyncratic stock price volatility from ＂Noise-Driven＂ to ＂Information-Driven＂, which improves the transparency of capital market and uncover the real value of listed company. Our finding about the governance effect of supervision also supports ＂Incomplete Law Theory＂ that the active government regulation is required to protect investors in the emerging market with highly incomplete law-system. Furthermore, we also find that the governance effect is significant in relatively well developed institutional environment, while in relatively less developed institutional environment the effect has almost gone. Our findings indicate that whether external enforcement actions have governance effect not only depends on itself but also on the external institutional environment. So in the context of ＂emerging and transition＂, institutional environment is crucial to the development of China＇s capital market, which has to be given high attention to ensure the governance effect of external enforcement actions. Besides, we also suggest that regulatory polic

关 键 词： 违规监管 股价同步性 透明度 噪音

领　　域： [经济管理] [经济管理]