经济与管理
經濟與管理
경제여관리
ECONOMY AND MANAGEMENT
2015年
5期
49-58
,共10页
股价信息含量%公司治理%董事会独立性%CEO变更
股價信息含量%公司治理%董事會獨立性%CEO變更
고개신식함량%공사치리%동사회독립성%CEO변경
Stock price informativeness%Corporate governance%Board independence%CEO turnover
从董事会结构和CEO变更角度对股价信息含量的公司治理效应进行研究发现:公司股价信息含量与董事会独立性显著负相关,在股价信息含量较高的公司,CEO变更与股票收益显著负相关,这种关系在股价信息含量较低的公司并不存在。研究结论表明,股价信息含量具有积极的公司治理效应,只有继续优化股权结构和公司治理、加强投资者保护、规范信息披露制度以及鼓励市场中介机构的发展,才能增强股票市场信息效率,改善公司治理。
從董事會結構和CEO變更角度對股價信息含量的公司治理效應進行研究髮現:公司股價信息含量與董事會獨立性顯著負相關,在股價信息含量較高的公司,CEO變更與股票收益顯著負相關,這種關繫在股價信息含量較低的公司併不存在。研究結論錶明,股價信息含量具有積極的公司治理效應,隻有繼續優化股權結構和公司治理、加彊投資者保護、規範信息披露製度以及鼓勵市場中介機構的髮展,纔能增彊股票市場信息效率,改善公司治理。
종동사회결구화CEO변경각도대고개신식함량적공사치리효응진행연구발현:공사고개신식함량여동사회독립성현저부상관,재고개신식함량교고적공사,CEO변경여고표수익현저부상관,저충관계재고개신식함량교저적공사병불존재。연구결론표명,고개신식함량구유적겁적공사치리효응,지유계속우화고권결구화공사치리、가강투자자보호、규범신식피로제도이급고려시장중개궤구적발전,재능증강고표시장신식효솔,개선공사치리。
From the perspective of board structure and CEO turnover, this paper analyses the corporate governance effect of stock price informativeness, which finds: The information content of stock price and the independence of the board of directors were significantly negatively correlated, in the company with higher stock price information content, the change of CEO is negatively related to stock returns, and the relationship does not exist in the company's share price information content. Research conclusions show, the information content of stock price has positive effect on corporate governance, and only continue to optimize the equity structure and corporate governance, strengthening investor protection and standardize the information disclosure system and encourage the development of market intermediaries, in order to enhance the information efficiency of the stock market, improve corporate governance.