公司治理的价值相关性研究——来自沪深两市2002～2005的面板数据

The Value Relevance between Corporation Governance and Stock Price

本文基于计价观研究公司治理与股票价格关系,包括相对价值相关性和增量价值相关性,回答公司治理如何影响股票价格。本文结合国内的研究情况,选择了Ohlson价格模型,2002～2005年3976个样本的分年度回归结果显示,公司治理相对价值相关性呈现总体提高的趋势。平衡面板数据的实证结果表明,当期公司治理具有相对价值相关性和较低的增量价值相关性,而前期公司治理只具有相对价值相关性。ST公司的治理价值相关性原理与一般上市公司存在差异。上述结论说明我国投资者在投资决策时已经开始考虑公司治理因素。

Based on the valuation perspective, the paper studies the relations between corporate governance and stock price, including the incremental value relevance and relative value relevance, to answer how they affect stock price. Considering the domestic situation, Ohlson pricing model is introduced. The results show that the relative value relevance shows an improvement trend using 3976 samples from 2002 to 2005. Balanced panel data empirical results tell us that the current corporate governance has lower relative and incremental value relevance, and pre-corporate governance has only relative value relevance. The value relevance principle of ST companies is different. The above conclusion demonstrates that investors have begun to consider corporate governance factors in their investment decision-making.