融资融券交易的信息治理效应

本文基于2009--2014年我国上市公司业绩预告和分析师盈利预测数据,从管理层信息披露和分析师预测的角度研究融资融券交易的信息治理效应。通过比较分析融资融券标的股票与非标的股票,以及股票加入融资融券标的前后上市公司信息环境的差异,我们发现融资融券交易同时具有内部信息治理和外部信息治理的作用。其中内部信息治理效应表现为,融资融券交易的推出有效促使了管理层对非强制信息和坏消息的披露,提高了管理层业绩预告的及时性和准确性;融资融券的外部信息治理效应体现在显著降低了财务分析师对目标公司盈利预测的偏差与分歧。在控制相关因素以及通过双重差分模型控制内生性后,以上结果依然稳健。本文的研究结果表明,融资融券...

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Volume: 52
Main Author: 李志生;李好;马伟力;林秉旋
Format: Journal Article
Language: Chinese
Place of publication: 2017
published in: Jingji yanjiu Vol. 52; no. 11; pp. 150 - 164
Data of publication: 2017
ISSN: 0577-9154
Alternate Title: Information Governance Effects of Short Selling and Margin Trading
Discipline: Economics
Bibliography: Summary: The impact of short selling and margin trading in financial markets has attracted the attention of investors, policy makers, and academic researchers for a long time. The literature widely documents positive effects of short selling and margin trading on informational efficiency of stock prices. Both short selling and margin trading have been found to improve the overall efficiency of price discovery by allowing price to promptly and fully incorporate market information. Interestingly, most of the current stt~dies on short selling and margin trading have focused on their impacts on information content of stock price and how stock price reacts to market information, rather than on the corporate information environment. Probably due to the endogenous nature of the research question, it is hard to convincingly argue for or against corporate information environment change when constraints on short selling and margin trading are imposed or lifted. The China Securities Regulator!, Commission (CSRC) introdu
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Database: 中文科技期刊数据库
中文科技期刊数据库-CALIS站点
中文科技期刊数据库-7.0平台
中文科技期刊数据库- 镜像站点
Database information Databases - DBIS