企业关联、信息透明度与股价特征

由于声誉和私下沟通机制的存在,关系型交易降低了交易双方对高质量公开信息的需求,并且关系型资产的专用性,也提高了外界通过市场信息对交易行为进行类比解读的成本。因此,依赖关系进行交易的上市公司的股价中包含的公司特有信息将减少,体现为更高的股价同步性和较高的大涨或大跌风险。通过对我国2004年至2007年间首发上市的151家民营企业上市后三年股价特征的考察,本文提供了支持上述推测的经验证据。本文的研究结果为企业间关系如何影响股价特征这一研究领域提供了新的视角和经验证据。

Inter-firm Relationship, Corporate Transparency and Stock Price Characteristics

Due to the effect of reputation and the existence of private channel of information transfer,we argue that relationship-based transactions would reduce the demand of high quality public disclosure.Besides that,asset specificity,accompanying with relationship-based transactions,would deteriorate such situation,as it decreases the comparability of firm-specific information with those of arm's length transactions and therefore increases the cost of comprehending firm-specific information for outside investors.As a result,we predict,those stocks with more relation-based transactions will exhibit higher synchronicity and larger jump and crash risk.Using the sample of 151 private enterprises which IPO in 2004-2007,we examine the predicted relationship above and find supporting evidence.Our research provides a new perspective and empirical evidence on how inter-firm relationship impacts stock price characteristics.