产品市场竞争、代理成本与资本市场定价效率

Product Market Competition,Agency Cost and Capital Market Pricing Efficiency

基于股价信息含量指标衡量资本市场定价效率,利用2003—2017年我国上市公司样本数据,本文探讨了产品市场竞争对资本市场定价效率的影响。研究发现,产品市场竞争与股价信息含量显著正相关,即产品市场竞争程度越激烈,更多公司特质信息融入股票价格,资本市场定价效率越高。进一步分析显示,对于代理成本越高的企业,产品市场竞争对股价信息含量的正向影响更显著,表明产品市场竞争能降低企业经理人的代理成本,从而有利于提高公司信息透明度和资本市场定价效率。

Using the index of stock price informativeness to measure capital market pricing efficiency, and using the sample data of China’ s listed companies from 2003 to 2017, we explore the effect of product market competition on the capital market pricing efficiency. The results show that product market competition has a significant positive impact on stock price informativeness, namely the more intense product market competition is and the more corporate idiosyncrasy information reflects into the stock price, the higher capital market pricing efficiency is. Further analysis shows that product market competition has a more significant positive impact on stock price informativeness of firms with high agency costs, which indicates that product market competition can reduce agency costs of managers, so as to improve corporate information transparency and capital market pricing efficiency.