财经科学
財經科學
재경과학
Finance and Economics
2012年
10期
21~29
,共null页
声誉机制 支持性政府管制 替代性政府管制 声誉价值损失
聲譽機製 支持性政府管製 替代性政府管製 聲譽價值損失
성예궤제 지지성정부관제 체대성정부관제 성예개치손실
Reputafional Mechanism; Supportive Regulation; Substituting Regulation; loss of Reputation Value
本文以证监会处罚的147个样本为研究对象，实证检验了声誉机制在我国股票市场中的作用。我们发现，上市公司违法、违规行为导致股东价值明显下降，其中声誉价值损失占股东价值损失的比例达到52．92％。在控制其他变量影响的条件下。声誉价值损失与支持性政府管制之间存在显著的正相关关系。研究结果表明，声誉机制能够在我国股票市场发挥作用，支持性政府管制可以降低市场信息不对称程度。从而提高声誉机制的自我实施效果。
本文以證鑑會處罰的147箇樣本為研究對象，實證檢驗瞭聲譽機製在我國股票市場中的作用。我們髮現，上市公司違法、違規行為導緻股東價值明顯下降，其中聲譽價值損失佔股東價值損失的比例達到52．92％。在控製其他變量影響的條件下。聲譽價值損失與支持性政府管製之間存在顯著的正相關關繫。研究結果錶明，聲譽機製能夠在我國股票市場髮揮作用，支持性政府管製可以降低市場信息不對稱程度。從而提高聲譽機製的自我實施效果。
본문이증감회처벌적147개양본위연구대상，실증검험료성예궤제재아국고표시장중적작용。아문발현，상시공사위법、위규행위도치고동개치명현하강，기중성예개치손실점고동개치손실적비례체도52．92％。재공제기타변량영향적조건하。성예개치손실여지지성정부관제지간존재현저적정상관관계。연구결과표명，성예궤제능구재아국고표시장발휘작용，지지성정부관제가이강저시장신식불대칭정도。종이제고성예궤제적자아실시효과。
Using 147 samples as research objects which were punished by China Securities Regulatory Commission （CSRC）, this paper studies the function of reputation mechanism in Chinese stock market. We find that the illegal behaviors of listed companies could significant decrease the shareholder value and reputation loss accounts for 52. 92% of total shareholder value loss, which means that reputation mechanism can take effect in Chinese stock market. After controlling other variables, there is significant positive relationship between reputation loss and supportive regulation, and the results of reputation penalty display significant difference in different goverranent regulation phase, which mean that government regulation can reduce information asymmetry and contribute to effect of reputation mechanism.
