企业金融化降低了资本市场信息效率吗——基于股价同步性的视角

被引：19
作者：
杜洋洋
田祥宇
机构：
[1] 山西财经大学会计学院
来源：
统计学报 | 2021年 / 2卷 / 02期
关键词：
金融化; 资本市场信息效率; 股价同步性; 长期金融资产配置; 信息透明度;
D O I：
10.19820/j.cnki.issn2096-7411.2021.02.005
中图分类号：
F832.5 [金融市场];
学科分类号：
1201 ; 020204 ;
摘要：
选择2007—2017年我国沪深A股非金融、房地产行业上市公司数据为样本对企业金融化与资本市场信息效率的关系进行了研究。研究发现:企业金融化降低了资本市场信息效率,且这种消极影响主要是由于长期金融资产配置造成的。进一步研究发现,企业金融化对资本市场信息效率的负面效应在国有企业、投资者关注度较低以及金融生态环境较好的地区更加明显。机制检验发现企业金融化主要是通过降低信息的透明度来减损资本市场信息效率。
引用
收藏
页码：66 / 79
页数：14
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