山东大学学报（哲学社会科学版）
山東大學學報（哲學社會科學版）
산동대학학보（철학사회과학판）
Journal of Shandong University (Philosophy and Social Sciences)
2015年
6期
93-101
,共9页
股价同步性%财务困境%信息披露质量%行业竞争属性
股價同步性%財務睏境%信息披露質量%行業競爭屬性
고개동보성%재무곤경%신식피로질량%행업경쟁속성
stock price synchronicity%financial distress%information disclosure quality%industry competition
以我国20092013年深市 A 股非金融类并陷入财务困境的上市公司数据进行了实证检验。研究结果表明：在目前我国证券市场情形下，财务困境对股价同步性具有显著的正向影响；陷入财务困境的上市公司信息披露质量对股价同步性具有显著的负向影响；信息披露质量在财务困境与股价同步性的关系之间起部分中介作用；行业竞争属性在财务困境与股价同步性的关系中起着调节作用，即相较于高度竞争行业，处于低度竞争行业中，财务困境对股价同步性的正向作用更强。
以我國20092013年深市 A 股非金融類併陷入財務睏境的上市公司數據進行瞭實證檢驗。研究結果錶明：在目前我國證券市場情形下，財務睏境對股價同步性具有顯著的正嚮影響；陷入財務睏境的上市公司信息披露質量對股價同步性具有顯著的負嚮影響；信息披露質量在財務睏境與股價同步性的關繫之間起部分中介作用；行業競爭屬性在財務睏境與股價同步性的關繫中起著調節作用，即相較于高度競爭行業，處于低度競爭行業中，財務睏境對股價同步性的正嚮作用更彊。
이아국20092013년심시 A 고비금융류병함입재무곤경적상시공사수거진행료실증검험。연구결과표명：재목전아국증권시장정형하，재무곤경대고개동보성구유현저적정향영향；함입재무곤경적상시공사신식피로질량대고개동보성구유현저적부향영향；신식피로질량재재무곤경여고개동보성적관계지간기부분중개작용；행업경쟁속성재재무곤경여고개동보성적관계중기착조절작용，즉상교우고도경쟁행업，처우저도경쟁행업중，재무곤경대고개동보성적정향작용경강。
This paper conducts an empirical study using the data of the companies listed in Shenzhen Stock Exchange A-share market that are non-financial firms and are in financial distress from 2009 to 2013.The study has four main research findings.First,financial distress has significantly positive effect on stock price synchronicity.Second,the information disclosure quality of the companies with financial distress has significantly negative effect on stock price synchronicity. Third, the information disclosure quality partially mediates the relationship between financial distress and stock price synchronicity.Finally,the industry competition moderates the relationship between financial distress and stock price synchronicity.Especially,the positive effect of financial distress on stock price synchronicity is stronger when the company is in low competitive industry rather than in high competitive industry.
