CAJ | 학술논문

资产价格协同变化源于信息的关联性，企业所嵌入的社会关系和社会结构影响着企业间治理信息的扩散。以中国A股上市公司为研究对象，本文考察企业间董事联结关系对股价联动的影响。实证研究结果表明，董事联结影响股价联动，但这种联动性是由于董事联结的内在资源价值所形成的，而非投资者基于董事联结这一关系属性的简单分类投资形成的；进一步分析表明，节点股票的董事联结中心度与其它股票收益间的平均相关系数存在非线性关系，董事联结资源价值达到一定程度时，其对其它股票价格的主导作用逐步降低。
자산개격협동변화원우신식적관련성，기업소감입적사회관계화사회결구영향착기업간치리신식적확산。이중국A고상시공사위연구대상，본문고찰기업간동사련결관계대고개련동적영향。실증연구결과표명，동사련결영향고개련동，단저충련동성시유우동사련결적내재자원개치소형성적，이비투자자기우동사련결저일관계속성적간단분류투자형성적；진일보분석표명，절점고표적동사련결중심도여기타고표수익간적평균상관계수존재비선성관계，동사련결자원개치체도일정정도시，기대기타고표개격적주도작용축보강저。
Prices comovement derives from the relevance of information. Enterprises are embedded in social relationships and social structure, which influences the spread of information among corporates. Based on China＇s A-share listed companies, this paper studies the relationship between directors＇ network and price cornovement. Empirical results show that directors＇ network makes an influence on price comovement, but this correlation is due to its internal resource value rather than investors classified category-based investment. Further analysis shows that there is a nonlinear relationship between centrality and average correlation coefficient. The impact of directors＇ network on other stocks becomes weaker when the number of corporate connection reaches a certain degree.