| 公司透明度与股价波动同步性的相关性研究 |
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| 引用本文： | 武安华,张博.公司透明度与股价波动同步性的相关性研究[J].金融理论与实践,2010(1). |
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| 作者姓名： | 武安华 张博 |
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| 作者单位： | 1. 河南省商业经济研究所,河南,郑州,450002
2. 暨南大学,经济学院,广东,广州,510632 |
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| 摘 要： | 本文选取2001-2007年在深交所上市的所有A股上市公司为研究样本,以深交所的信息披露评级指标作为公司信息透明度的度量指标,在此基础上,考察公司透明度对股价波动同步性的影响。实证结果表明,随着公司信息透明度的改善,股价同波动性不断下降,但各信用评级等级之间的股价同波动性差异并不高。本文给出了可能的分析解释,并指出了下一步深入研究的方向。
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| 关 键 词： | 公司透明度 股价波动同步性 信息披露 |
An Empirical Study On Chinese Listed Finns' Transparency and the Synchronicity of Stock Price Volatility |
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| Wu An-hua,Zhang Bo.An Empirical Study On Chinese Listed Finns' Transparency and the Synchronicity of Stock Price Volatility[J].Financial Theory and Practice,2010(1). |
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| Authors: | Wu An-hua Zhang Bo |
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| Institution: | Wu An-hua,Zhang Bo |
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| Abstract: | Based on a panel data of Chinese listed companies during 2001-2007,this paper chooses SZSE's annual rating as a proxy for corporate transparency,and empirically tests the relationship between the corporate transparency and the synchronicity of stock price.Empirical results indicate that,with corporate transparency being perfect,the synchronicity of stock price variation has indeed been improved over time;but the differences of the synchronicity between different ratings are not significant.We give some poss... |
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| Keywords: | Corporate Transparency Synchronicity of Stock Price Volatility Information Disclosure |
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