摘要
股票错误定价是全球资本市场中普遍存在的问题,利用沪深A股2003-2017年上市公司的数据,实证检验了企业战略差异度对股票错误定价的影响及其影响机制。研究发现:战略差异度越大,股票错误定价程度越高;战略差异度更有可能导致股票正向错误定价;内部控制质量能显著抑制战略差异度对股票错误定价的正向影响。进一步研究表明:信息不对称在战略差异度影响股票错误定价的过程中发挥了部分中介作用;战略差异度对股票错误定价的影响会随时间而衰减。
The mispricing of stocks is a widely existed problem in the global capital markets.By making use of the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2003 to 2017,this paper empirically studies the impact of the degree of strategic differences on stock mispricing and its influencing mechanism.The findings show that the greater the degree of strategic differences,the higher the degree of stock mispricing will be.The degree of strategic deviance is more likely to lead to positive stock mispricing.The internal quality control can significantly inhibit the positive effect of strategic deviance on stock mispricing.The results of further research show that information asymmetry plays a part of intermediary role in the process of strategic deviance influencing stock mispricing.The impact of the degree of strategic differences on stock mispricing will decrease with the passing of time.
作者
王俊领
李海燕
WANG Jun-ling;LI Hai-yan(Nankai University,Tianjin 300071;Yunnan University,Kunming 650000,China)
出处
《当代财经》
CSSCI
北大核心
2020年第12期125-136,共12页
Contemporary Finance and Economics
基金
国家自然科学基金面上项目“终极控制人、资本市场环境与企业风险承担”(71472096)。
关键词
战略差异度
信息不对称
股票错误定价
内部控制质量
strategic differences
information asymmetry
stock mispricing
internal quality control
