CAJ | 학술논문

结合配股权契约对我国证券市场＂功能锁定＂现象进行了研究。实证结果表明,1997～1998年我国证券市场不存在＂功能锁定＂现象;1999～2000年市场对非经常性损益的定价高于营业利润,表现为＂功能锁定＂现象,但可以通过配股权契约与盈利持续性予以解释;2001年配股政策的变革,降低了非经常性损益在取得配股权过程中起的作用,市场对非经常性损益的定价回复正常,＂功能锁定＂现象消失。结论显示,在我国特有的转型制度背景下,配股权契约对股票定价有影响作用。某些年份盈余定价表现的＂偏离＂,是基于经济制度背景的理性行为,而非基于心理行为的非理性现象。
결합배고권계약대아국증권시장＂공능쇄정＂현상진행료연구。실증결과표명,1997～1998년아국증권시장불존재＂공능쇄정＂현상;1999～2000년시장대비경상성손익적정개고우영업리윤,표현위＂공능쇄정＂현상,단가이통과배고권계약여영리지속성여이해석;2001년배고정책적변혁,강저료비경상성손익재취득배고권과정중기적작용,시장대비경상성손익적정개회복정상,＂공능쇄정＂현상소실。결론현시,재아국특유적전형제도배경하,배고권계약대고표정개유영향작용。모사년빈영여정개표현적＂편리＂,시기우경제제도배경적이성행위,이비기우심리행위적비이성현상。
This article studies the FFH in Chinese stock market under the Contract Theory. It is found out that：i） there was no functional fixation phenomenon in 1997 and 1998; ii） the stock market priced extraordinary items much more than operating income from 1999 to 2000; however,this phenomenon can be explained using contract theory and the persistence of earnings; iii） the government policy change of stock-rights offering in 2001 weakened the role of extraordinary items,and the market pricing of extraordinary items went back to normal and the FFH phenomenon disappears. All of above mean that under the special political and economic circumstances of China,the contract of stock-rights offering affects the pricing of stock and provides us a better understanding of FFH. The procedure of pricing of earnings is a rational action based on the economics circumstances rather than on the psychological factors.