制度环境、企业价值与股价同步性关系研究

Research on the Syncronization among Institutional Environment、Corporate Value and Stock Price

企业价值与股价同步性呈倒U型的非线性关系,制度环境、政府监管、市场经济体制、法律体系及金融发展水平与股价同步性是负相关的。其中制度环境、市场经济体制、法律体系及金融发展水平的提高促使企业价值和股价同步性成负相关,而政府监管的提高削弱了企业价值和股价同步性的负相关关系。我国应建设优越的制度环境、注意政府监管方向和轻重缓急。将政府监管集中在宏观调控、保护产权及各项制度的实施,尽量减少对企业的微观调控,加强对低企业价值的企业私人信息监管,减少对高企业价值的企业的微观监管,为高企业价值的企业创造良好的信息环境。

The corporate value and share price has presented an inverted U-shaped nonlinear relationship. Institutional environment,government supervision,market economic system,legal system and financial development level are negatively related to stock price. The improvement in the institutional environment,market economic system,legal system,and upgrade of financial development level has led to a negative correlation between corporate value and stock price while the improvement of government supervision has weakened the negative correlation between corporate value and stock price. The government should focus on building a superior institutional environment,paying attention to the direction and priorities of government supervision. The focus of government regulation should be put in macroeconomic field,property rights protection and the implementation of various institutions. The micro-controls on companies should be minimized,the supervision of private information of enterprises with low corporate value should be strengthened,while that of enterprises with high corporate value should be lessened in order to create a sound information environment for them.