经理管理防御会影响公司股价同步性吗?

doi:10.12005/orms.2023.0030

运筹与管理 ›› 2023, Vol. 32 ›› Issue (1): 187-193.DOI: 10.12005/orms.2023.0030

经理管理防御会影响公司股价同步性吗?

李蒙¹, 李秉祥¹, 张涛^1,2

1.西安理工大学经济与管理学院,陕西西安 710048;
2.甘肃政法大学商学院,甘肃兰州 730070

收稿日期:2021-01-28 出版日期:2023-01-25 发布日期:2023-03-01
作者简介:李蒙(1991-),男,陕西扶风人,博士研究生,研究方向:上市公司财务与公司治理,资本市场会计与公司治理;李秉祥(1964-),男,陕西扶风人,教授,博士,研究方向:资本市场会计与公司治理;张涛(1981-),男,山东济宁人,副教授,博士研究生,研究方向:资本市场会计与公司治理。
基金资助:
国家自然科学基金研究项目(71772151);陕西省高校重点学科专项资金建设项目(107-00X902);陕西省教育厅智库项目(18JT009);陕西省软科学研究计划项目(2018KRM036)

Does Managerial Entrenchment Affect Stock Price Synchronicity?

LI Meng¹, LI Bingxiang¹, ZHANG Tao^1,2

1. School of Economics and Management, Xi'an University of Technology, Xi'an 710048, China;
2. School of Business, Gansu University of Political Science and Law, Lanzhou 730070, China

Received:2021-01-28 Online:2023-01-25 Published:2023-03-01

摘要/Abstract

摘要： 经理人固守职位衍生的管理防御问题是长期困扰公司发展的重要议题。然而,现有研究多将重点置于管理防御如何影响企业财务决策,而对于其是否会影响资本市场则缺乏足够关注。以2007~2018年中国A股上市公司为样本,依据“防御动机→行为选择→经济后果”的逻辑思路,基于股价同步性的视角,考察经理管理防御影响资本市场的客观表现与内在机理。研究发现,公司股价同步性随着经理管理防御水平的提高而显著上升,该结论在控制内生性问题之后依然稳健;影响路径的检验结果表明:经理管理防御对股价同步性的影响通过:①经理管理防御→信息操纵→股价同步性;②经理管理防御→内幕交易→股价同步性等两条路径得以实现。异质性检验的结论显示,经理管理防御对公司股价同步性的正影响,在未聘请“四大”审计机构和非国有企业的样本中更为显著。上述研究结论不仅从管理防御这一微观层面拓展了股价同步性影响因素领域的文献研究,而且对于提升资本市场配置效率,实现新阶段下中国金融改革的目标,具有一定的指导意义。

关键词: 经理管理防御, 股价同步性, 信息操纵, 内幕交易

Abstract: This paper focuses on the influence of Managerial Entrenchment on the Stock Price Synchronicity. Taking A-share listed companies from 2007 to 2018 in Chinese Capital market as the samples, and building the managerial entrenchment index based on the personal characteristics of the general manager, systematic investigation of the objective performance and influence path of managerial entrenchment on stock price synchronicity is conducted according to the logical order of “entrenchment motivation→behavioral choice→economic consequences”. The results show that the company’s stock price synchronicity rises significantly with the improvement of the managerial entrenchment level, and this conclusion is still valid after controlling the endogenous problem. The inspection results of the influence path show that the impact of managerial entrenchment on stock price synchronicity is realized through two paths: ①managerial entrenchment→information manipulation→stock price synchronicity; ②managerial entrenchment→insider trading→stock price synchronicity. The results of heterogeneity test show that the positive correlation between managerial entrenchment and stock price synchronicity is more significant in the samples from enterprises that did not hire the “Four Major” audit institutions and the non-state-owned enterprises. The research conclusions not only expand the literature research on the influence factors of Stock Price Synchronicity from the micro level of Managerial Entrenchment, but also have certain guiding significance for improving the efficiency of capital market allocation and realizing the goal of China’s financial reform in the new stage.

Key words: managerial entrenchment, stock price synchronicity, information manipulation, insider trading

中图分类号:

F234.4

李蒙, 李秉祥, 张涛. 经理管理防御会影响公司股价同步性吗?[J]. 运筹与管理, 2023, 32(1): 187-193.

LI Meng, LI Bingxiang, ZHANG Tao. Does Managerial Entrenchment Affect Stock Price Synchronicity?[J]. Operations Research and Management Science, 2023, 32(1): 187-193.

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经理管理防御会影响公司股价同步性吗?

Does Managerial Entrenchment Affect Stock Price Synchronicity?

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