股权结构与信息透明度相关性的实证研究

Empirical research on relationship between ownership structure and transparency

股票价格波动主要受噪声的推动.信息透明度的提高将降低股票特质波动率.本文基于中国股票A股市场中的股票特质波动率,实证检验了我国上市公司股权结构与信息透明度之间的相关性.研究发现:1)国有法人股持股比例和股东之间力量差异的降低,有助于提高上市公司的信息透明度.2)机构投资者的加入,可以改善上市公司的信息披露环境,提高证券分析师预测行为的有效性,减少股票价格波动中的噪声成分.

The idiosyncratic volatility is mainly driven by noise in China＇s stock markets. However, the id- iosyncratic volatility decreases with stock price informativeness. This paper tests the relationship between the ownership structure and transparency by utilizing the idiosyncratic volatility of A-share listed companies in China. The empirical evidence shows that： 1） the transparency decreases with the state-owned shareholdings and ownership concentration, but increases with the institutional shareholdings. 2） The institutional trading im- proves the firm＇s information environment, and the accuracy of forecasting activities, and decreases the noise component in the stock price.