地方官员更替、企业辖区知名度与股价同步性

Official's Turnover,Regional Reputation of Enterprises and Stock Price Synchronicity

以2009-2013年我国A股上市公司为研究样本,实证分析地方官员更替、辖区企业知名度与股价同步性的关系,结果表明：地市级政府官员变更所带来的政治不确定性会显著降低辖区企业的股价同步性,并且相对于新任官员来源于本地而言,新任官员来源于异地更能够显著地降低辖区内企业的股价同步性。进一步研究还发现,当地市级政府官员发生变更时,相对于辖区知名度较高的企业而言,辖区知名度较低的企业会披露更多的企业私有信息以应对政治不确定性风险,从而其股价同步性有了更大程度的降低。研究的结论证实了政治不确定风险的增加能够显著降低辖区内企业的股价同步性,客观上有助于提高股价的信息含量。

Based on samples of A-share listed firms in China from 2009 to 2013,this paper investigates the relationship between official＇s turnover,regional reputation of enterprises and stock price synchronicity.The results show that the political risk and policy uncertainty brought by municipal officials＇ change can significantly reduce the stock price synchronicity of firms in their jurisdiction.Moreover,in terms of officials＇ local change and non-change,officials＇ non-local change will reduce the stock price synchronicity of firms in their jurisdiction more significantly.Furthermore,we include regional reputation of enterprises in the analytical framework and find that when municipal officials change,with respect to the enterprises with higher regional reputation,the companies with lower regional reputation will disclose more private information to deal with political uncertainty risk,thereby reducing its stock price synchronicity.This conclusion can further confirm that the increase of political uncertainty risk will significantly reduce the stock price synchronicity of firms within their respective jurisdictions,improve the information content of stock price.