摘要
业绩说明会制度是中国资本市场重要的信息传递渠道之一,但是在业绩说明会中存在不同程度的管理层“答非所问”现象,致使公司股价中私有信息或特质信息降低,股价的个体波动跟随系统性波动,提高了股价同步性。基于中国沪深两市上市公司2011—2020年度业绩说明会问答文本信息数据,研究管理层“答非所问”对股价同步性的作用机制,结果显示,在管理层“答非所问”时,分析师出于对自身专业认知水平的自信,会加大对相应公司的关注,但仍无法获取有增量价值的公司特质信息,反而增加股价中非公司特质的信息,导致股价同步性提高,即“力所不逮”效应;而投资者局限于自身专业认知水平,没有能力获取公司特质信息,因而更多采取观望态度,降低了换手率,提高了股价同步性,即“习得无助”效应。基于此,建议监管部门进一步规范业绩说明会的信息披露广度和深度,提升信息披露质量。
In China’s capital markets the performance presentation system is an important information transmission channel. However varying degrees of the “irrelevant managerial response” phenomenon are observed in performance presentations which reduces the amount of private or idiosyncratic information in a firm’s stock price.Individual fluctuations in stock price in conjunction with systemic fluctuations increase stock price synchronicity.This study investigated the mechanism underlying the effect of “irrelevant managerial response” on stock price synchronicity using textual information and data from question-and-answer sessions during performance presentation events of Chinese firms listed in Shanghai and Shenzhen between 2011 and 2020.It was found that when a manager provides irrelevant responses analysts pay more attention to the corresponding firm due to confidence in his/her professional perception;however they are unable to obtain firm-specific information with incremental value rather increasing non-firm-specific information in stock price resulting in a rise in stock price synchronicity.The latter phenomenon is termed the “out of reach” effect.Due to their limited professional perception investors are unable to obtain firm-specific information and adopt a wait-and-see attitude reducing turnover rates and increasing stock price synchronicity.This effect is also referred to as “learned helplessness.” To improve the quality of information disclosure this study suggests further regulation of the breadth and depth of information disclosure in performance presentation events.
作者
张震
丁伟
袁嘉浩
傅毅
Zhang Zhen;Ding Wei;Yuan Jiahao;Fu Yi(School of Finance and Business,Shanghai Normal University,Shanghai 200234,China)
出处
《金融经济学研究》
CSSCI
北大核心
2022年第5期78-92,共15页
Financial Economics Research
基金
国家自然科学基金项目(71862015)。
关键词
答非所问
市场主体关注
股价同步性
力所不逮
习得无助
irrelevant response
management attention to market entities
stock price synchronicity
out of reach
learned helplessness
