制度变革、财务私有信息与我国资本市场定价效率

Institutional Reform, Financial Private Information and Capital Market Pricing Efficiency

新制度经济学认为制度变迁是为了提高效率。作为一种强制性制度变迁，检验会计准则国际趋同是否促进资本市场效率提升具有重要意义。股价同步性反映了资本市场定价效率。考虑到会计准则国际趋同与股权分置改革时间重叠带来的制度噪音，本文试图控制制度变革因素，检验财务私有信息与股价同步性的关联关系的变化。研究发现随着我国市场化改革的不断深入，利用财务私有信息套利的空间逐渐被压缩，但资本市场仍未能对财务私有信息有效定价。股权分置改革能促进股价同步性的降低，但会计准则国际趋同才是压缩财务私有信息套利空间的主导制度变革因素。

Neo-institutional economics argues that institutional evolution is aimed to improve efficiency. Since accounting standards convergence is a mode of compulsory institutional evolution, it is significant to explore whether accounting standards convergence improves capital market efficiency. Synchronicity reflects the capital market pricing efficiency. Considering the institutional noise brought by the time overlapping of accounting standards convergence and equit3＇ division reform, this paper, tries to test the changes of the relationship between synchronicity and financial private information, controlling institutional reform factor as well. It is tbund that the space of arbitrage using financial private information has been squeezed with the deepening of the market-oriented reforms in China. However, the capital market still can＇t price efficiently for financial private information. Although equity division reform has lowered the synchronicity, accounting standards convergence is the nstitutional reform factor causing the squeezed space of financial private information arbitrage