股权集中度、投资者异质信念与中小企业投资风险
发布时间：2019-03-02 19:22
【摘要】：股权结构和投资者异质信念是影响投资风险的两个重要因素。本文以我国资本市场为背景,在研究公司治理的基础上,利用中小板市场上市公司经验数据,进一步研究股权集中度、投资者异质信念与股票投资风险三者之间的关系,并基于异质信念的视角研究股权结构对股票投资风险的影响机制。研究表明:提高股权集中度有利于降低投资者信念异质程度和股票投资风险;投资者信念异质程度的降低有利于降低中小企业投资风险;投资者异质信念作为传导变量,存在于股权集中度对股票投资风险的影响中。
[Abstract]:Equity structure and investors' heterogeneous belief are two important factors that affect investment risk. Based on the study of corporate governance and the empirical data of listed companies in the small and medium-sized board market, this paper further studies the relationship among equity concentration, investors' heterogeneous belief and stock investment risk, based on the background of China's capital market, and on the basis of the research on corporate governance. The influence mechanism of equity structure on stock investment risk is studied from the perspective of heterogeneous belief. The research shows that the increase of equity concentration is beneficial to reduce the degree of investor belief heterogeneity and stock investment risk, and the decrease of investor belief heterogeneity is beneficial to reduce the investment risk of small and medium-sized enterprises. Investors' heterogeneous belief, as a conduction variable, exists in the impact of equity concentration on the risk of stock investment.
【作者单位】： 财政部财政科学研究所博士后流动站;安徽财经大学会计学院;
【基金】：国家社会科学基金项目“异质信念、准则执行力与市场有效性研究”(16BJY020)
【分类号】：F832.51
[Abstract]:Equity structure and investors' heterogeneous belief are two important factors that affect investment risk. Based on the study of corporate governance and the empirical data of listed companies in the small and medium-sized board market, this paper further studies the relationship among equity concentration, investors' heterogeneous belief and stock investment risk, based on the background of China's capital market, and on the basis of the research on corporate governance. The influence mechanism of equity structure on stock investment risk is studied from the perspective of heterogeneous belief. The research shows that the increase of equity concentration is beneficial to reduce the degree of investor belief heterogeneity and stock investment risk, and the decrease of investor belief heterogeneity is beneficial to reduce the investment risk of small and medium-sized enterprises. Investors' heterogeneous belief, as a conduction variable, exists in the impact of equity concentration on the risk of stock investment.
【作者单位】： 财政部财政科学研究所博士后流动站;安徽财经大学会计学院;
【基金】：国家社会科学基金项目“异质信念、准则执行力与市场有效性研究”(16BJY020)
【分类号】：F832.51
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