| 终极控制人两权分离、所有权性质与股票流动性 |
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| 引用本文： | 陈辉,Zhi Bie. 终极控制人两权分离、所有权性质与股票流动性[J]. 广东金融学院学报, 2011, 0(5) |
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| 作者姓名： | 陈辉 Zhi Bie |
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| 作者单位： | 广东金融学院金融系;St.Cloud State University; |
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| 摘 要： | 以2003～2009年沪深两市仅发行了A股的上市公司为样本,使用高频交易数据构造相对有效价差和相对报价价差以衡量股票流动性,同时采用价差分解的方法构造逆向选择指标以衡量信息不对称程度,对这一问题进行了考察。研究结果表明:两权分离度越高,则股票流动性越低,信息不对称程度越高;和国有企业相比,这一关系在民营企业中表现得更加的明显。
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| 关 键 词： | 终极控制人 两权分离度 所有权性质 股票流动性 信息不对称 |
The Separation of Ownership and Control of the Ultimate Controller,Proprietary Nature and Stock Liquidity |
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| Chen Hui. The Separation of Ownership and Control of the Ultimate Controller,Proprietary Nature and Stock Liquidity[J]. Journal of Guangdong University of Finance, 2011, 0(5) |
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| Authors: | Chen Hui |
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| Affiliation: | Chen Hui(Department of Finance,Guangdong University of Finance,Guangzhou 510521,China) |
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| Abstract: | On the basis of listed companies from Shenzhen Stock Market and Shanghai Stock Market from 2003 to 2009 which only issue A-shares,the paper explored these relationships by employing stock liquidity variables constructed by high frequency data and information asymmetry variables constructed by decomposing the bid-ask spread into components.The result showed that the higher the separation of the two rights,the lower the stock liquidity,and the higher the information asymmetry.And these relationships in state-... |
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| Keywords: | ultimate controller separation of ownership and control proprietary nature stock liquidity information asymmetry |
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