摘要
在我国市场环境中对影响股价同步性的因素(尤其是实体经济相关决策因素)进行探究,不仅能丰富相关文献研究,还可以减少资源错配并推动市场发展,对于理论和实际两方面都有所助益。本文探索风险承担与股价同步性之间的关系,并引入会计信息质量这一中介变量进行研究,能够将实体经济行为与股票市场有效联系起来。研究发现,首先,风险承担与股价同步性负相关,即随着企业风险承担水平的提升,股价同步性有所降低。其次,将会计信息质量作为风险承担与股价同步性的中介变量进行研究,发现会计信息质量确实起到部分中介作用。进一步分析得出,机构投资者、媒体、分析师以及行业集中度会对风险承担与股价同步性之间的关系产生调节作用,前三者的增加使得风险承担与股价同步性之间负向关系减弱,而企业行业地位的提升则会加剧风险承担与股价同步性之间的负相关关系。
In the environment of our country,to explore the factors affecting the synchronicity of stock prices especially the decision-making factors related to the economy is very important.It can not only enrich the relevant literature research,but also reduce the misallocation of resources and promote market development.This paper explores the relationship between risk taking and stock price synchronization,and introduces the intermediate variable of accounting information quality for research,which can effectively connect the real economy behavior with the stock market.The empirical part finds that risk bearing is negatively correlated with stock price synchronicity,that is,with the increase of enterprise risk bearing level,stock price synchronicity will decrease.The quality of accounting information is positively correlated with stock price synchronization,that is,the increase in the quality of accounting information will improve the stock price synchronization.Secondly,the quality of accounting information is studied as an intermediary variable between risk taking and stock price synchronization.It is found that the quality of accounting information does play a part in the intermediary role.Further analysis shows that institutional investors,media,analysts and industry concentration will have a moderating effect on the relationship between risk taking and stock price synchronization.
作者
崔发婧
陈莹
Fajing Cui;Ying Chen
出处
《会计与控制评论》
2022年第2期200-242,共43页
Review of Accounting and Control
基金
辽宁省教育厅项目“大数据背景下企业成本管理研究——以辽宁省装备制造业为例”(LN2019J03)
关键词
风险承担
会计信息质量
股价同步性
enterprise risk taking
accounting information quality
stock price synchronicity
