经理管理防御会影响公司股价同步性吗?

Does Managerial Entrenchment Affect Stock Price Synchronicity?

经理人固守职位衍生的管理防御问题是长期困扰公司发展的重要议题。然而,现有研究多将重点置于管理防御如何影响企业财务决策,而对于其是否会影响资本市场则缺乏足够关注。以2007~2018年中国A股上市公司为样本,依据“防御动机→行为选择→经济后果”的逻辑思路,基于股价同步性的视角,考察经理管理防御影响资本市场的客观表现与内在机理。研究发现,公司股价同步性随着经理管理防御水平的提高而显著上升,该结论在控制内生性问题之后依然稳健;影响路径的检验结果表明:经理管理防御对股价同步性的影响通过:(1)经理管理防御→信息操纵→股价同步性;(2)经理管理防御→内幕交易→股价同步性等两条路径得以实现。异质性检验的结论显示,经理管理防御对公司股价同步性的正影响,在未聘请“四大”审计机构和非国有企业的样本中更为显著。上述研究结论不仅从管理防御这一微观层面拓展了股价同步性影响因素领域的文献研究,而且对于提升资本市场配置效率,实现新阶段下中国金融改革的目标,具有一定的指导意义。

This paper focuses on the influence of Managerial Entrenchment on the Stock Price Synchronicity. Taking A-share listed companies from 2007 to 2018 in Chinese Capital market as the samples, and building the managerial entrenchment index based on the personal characteristics of the general manager, systematic investigation of the objective performance and influence path of managerial entrenchment on stock price synchronicity is conducted according to the logical order of “entrenchment motivation→behavioral choice→economic consequences”. The results show that the company’s stock price synchronicity rises significantly with the improvement of the managerial entrenchment level, and this conclusion is still valid after controlling the endogenous problem. The inspection results of the influence path show that the impact of managerial entrenchment on stock price synchronicity is realized through two paths:(1)managerial entrenchment→information manipulation→stock price synchronicity;(2)managerial entrenchment→insider trading→stock price synchronicity. The results of heterogeneity test show that the positive correlation between managerial entrenchment and stock price synchronicity is more significant in the samples from enterprises that did not hire the “Four Major” audit institutions and the non-state-owned enterprises. The research conclusions not only expand the literature research on the influence factors of Stock Price Synchronicity from the micro level of Managerial Entrenchment, but also have certain guiding significance for improving the efficiency of capital market allocation and realizing the goal of China’s financial reform in the new stage.