非执行董事对股价同步性的影响研究

Study on the Influence of Non-Executive Directors on Stock Price Synchronicity

股价同步性是衡量资本市场定价效率的重要指标,探寻降低股价同步性的办法也是我国资本市场建设工作的重点之一。本文选取2008-2017年我国沪深两市A股上市公司为研究对象,尝试检验非执行董事对股价同步性的影响。研究发现:非执行董事能够降低股价同步性;非执行董事的财务背景、制衡度较高的股权结构以及较低的分析师跟踪度会增强非执行董事对股价同步性的降低作用。进一步研究表明:会计稳健性在非执行董事与股价同步性之间起部分中介作用,并且在排除“噪音”影响后,非执行董事对股价同步性的降低作用依然成立。本文的研究有助于理解非执行董事在资本市场所发挥的作用,丰富非执行董事治理机制的相关文献。

Stock price synchronicity is an important indicator to measure the efficiency of capital market pricing, exploring ways to reduce stock price synchronism is one of the key points of China’s capital market construction. This paper selects listed companies in Shanghai and Shenzhen from 2008 to 2017 as the research objects, and tries to test the influence of non-executive directors on stock price synchronicity. The study found that non-executive directors can reduce stock price synchronicity;the financial background of non-executive directors, the equity structure with higher checks and balances, and less analyst coverage can enhance the non-executive directors’ ability to reduce share price synchronicity. Further research shows that accounting conservatism plays a part of intermediary role between non-executive directors and stock price synchronism, and after excluding the influence of "noise", the effect of non-executive directors on stock price synchronism is still valid. This study is helpful to understand the role played by non-executive directors in the capital market and enriches the relevant literature on the governance mechanism of non-executive directors.