个股与市场联动:来自股权结构方面的解释

Stocks and Market Linkage:Explanation from the Equity Structure Perspective

以沪深主板上市公司2008-2012年数据为研究样本,实证检验了控股股东、股权制衡与市场联动的关系。结果显示,控股股东持股比例及股权制衡度与市场联动均有显著的负相关关系。进一步引入企业规模作为调节变量后发现,企业规模对控股股东持股比例与市场联动的负相关关系有负向调节作用,而对股权制衡度和市场联动间的关系没有调节作用。

Using the listed companies data from 2008 to 2012 in Shanghai and Shenzhen main board market as the study sample,this paper empirically analyses the relationship between controlling shareholders,equity restriction and market linkage. The results show that there is a significant negative correlation between the share proportion of controlling holders,equity restriction degree and market linkage respectively. Then we introduce enterprise size as the moderator variable further and find that enterprise size has a negative moderating effect on the negative correlation between the share proportion of controlling holders and market linkage,while it has no moderating effect on the correlation between the equity restriction degree and market linkage.