金融发展对股价异常波动的抑制作用研究——基于信息不对称及委托代理理论视角的分析

Research on the Inhibitory Effect of Financial Development on Abnormal Volatility of Stock Price——Information Asymmetry and Principal-Agent Theory

本文采用中国2007-2016年间非金融类A股上市公司数据,基于企业股价异常波动视角,理论分析和实证检验了金融发展对金融市场稳定的影响。研究发现,金融发展能够抑制企业股价异常波动,稳定金融市场。本文为评价金融发展的经济影响提供新的视角,丰富了企业股价异常波动研究内容,也为决策层完善我国金融市场、降低股价异常波动、促进金融市场稳定、推动股票市场为实体经济服务提出有价值的建议。

Based on the data of non-financial A-share listed companies in China from 2007 to 2016 and the stock price slump, this paper analyzes the impact of financial development on the financial market stability. The study finds that financial development can inhibit the stock price slump, and stabilize financial market.This paper provides a new perspective and knowledge for evaluating the economic consequences of regional financial development, enriches the literature on the stock price slump, and provides valuable suggestions for policy makers to improve Chinese financial market, reducing the stock price slump, stabilizing financial market and promoting the stock market to serve the real economy.