CAJ | 학술논문

采用中国股票市场2008年至2013年的样本数据，研究了股权集中度对股票市场信息不对称程度的影响。通过文献梳理和理论分析提出假设，进而运用面板回归进行验证，发现信息不对称和股权集中度存在正相关关系，即股权集中越高的企业信息不对称的程度越高，并且股权集中程度对私人信息事件和相对的信息交易量也起到了一定的增长作用。
채용중국고표시장2008년지2013년적양본수거，연구료고권집중도대고표시장신식불대칭정도적영향。통과문헌소리화이론분석제출가설，진이운용면판회귀진행험증，발현신식불대칭화고권집중도존재정상관관계，즉고권집중월고적기업신식불대칭적정도월고，병차고권집중정도대사인신식사건화상대적신식교역량야기도료일정적증장작용。
This study investigates the association between ownership concentration and information asymmetry between in -formed and uninformed investors .Using a large sample of Chinese stock market listed firms , under the panel regression method, we find that the degree of information asymmetry increases with ownership concentration .We also find that owner-ship concentration is positively associated with information asymmetry via an increase in the relative amount of informed trading and the relative amount of informed trading .