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财务信息解释能力对价格发现机制的影响:基于封闭式证券投资基金的研究 被引量：20

财务信息解释能力对价格发现机制的影响:基于封闭式证券投资基金的研究
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摘要 本文以我国证券市场2000-2002年间财务信息为依据,以封闭式基金重仓股为对象,运用非参数检验和价值相关性研究的方法论,探讨了财务信息解释能力对股价发现机制的影响。研究发现:备受责备的封闭式证券投资基金由于具有较强的财务信息解释能力,使其重仓股的价格发现机制在更大程度上反映了公开财务信息,也使其股价成为财务信息内涵更丰富的信息系统。 Based on the financial data during 2000-2002 and focusing on the stocks invested heavily (SIH) by the Closed-end Security Investment Fund (CSIF), the paper explores the influences of CSIF's explanatory capability on information (ECI) upon the stock market price seeking mechanism, by the means of the nonparametric test and the methodology in value relevance literature. The empirical evidences show that CSIF which be blamed seriously has a powerful ECI, to some extent its ECI enable the price seeking mechanism to reflect more financial information and makes the stock price an information system assimilating more financial information.
作者 胡志勇 魏明海
机构地区 中山大学管理学院
出处 《金融研究》 CSSCI 北大核心 2005年第7期67-75,共9页 Journal of Financial Research
基金 国家自然科学基金项目(70172023)的阶段性研究成果
关键词 投资基金 重仓股 价格发现机制 信息解释能力 Investment Fund, Stock Invested Heavily, Price Seeking Mechanism, the Explanatory Capability on Information
分类号 F832.51 [经济管理—金融学]
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参考文献11

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二级参考文献21

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共引文献175

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金融研究
2005年 第7期

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