信息不对称与股权结构:中国上市公司的实证分析

吴卫星;汪勇祥;成刚

系统工程理论与实践 ›› 2004, Vol. 24 ›› Issue (11) : 28-32.

PDF(176 KB)
PDF(176 KB)
系统工程理论与实践 ›› 2004, Vol. 24 ›› Issue (11) : 28-32. DOI: 10.12011/1000-6788(2004)11-28
论文

信息不对称与股权结构:中国上市公司的实证分析

    吴卫星(1)(3),汪勇祥(2),成刚(3)
作者信息 +

Asymmetric Information and Ownership Structure: Evidence from China Listed Companies

    Wei Xing WU(1)(3),Yong Xiang WANG(2),Gang CHENG(3)
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文章历史 +

摘要

由于中国市场不采用做市商制度,在没有Bid-Ask数据的情况下改进了以前的模型,从而对中国股票市场信息不对称的程度进行了度量.然后,在此基础上进一步考察了国有法人股、机构持股、大股东之间相对力量对比等股权结构因素对交易中的信息不对称程度的影响.实证结果表明:市场中信息不对称程度随着国有、法人股比例增加而增加;随着机构持股比例上升而上升;随大股东之间的股权集中程度提高而加强.

Abstract

Information asymmetry without bid-ask spread data for the order-driving trade mechanism in China stock market was measured by proper extending of the previous theoretical model. And the facts about whether ownership structure such as state-own shareholdings,institutional shareholdings and the degree of concentration of block shareholdings affects this kind of asymmetry were investigated. The conclusion shows that informational asymmetry increases with state-own shareholdings, institutional shareholdings ...

关键词

信息不对称 / 股权结构 / 机构持股 / 股权集中度 / 公司治理

Key words

asymmetric information / ownership structure / institutional shareholdings / corporate governance

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吴卫星 , 汪勇祥 , 成刚. 信息不对称与股权结构:中国上市公司的实证分析. 系统工程理论与实践, 2004, 24(11): 28-32 https://doi.org/10.12011/1000-6788(2004)11-28
Wei Xing WU , Yong Xiang WANG , Gang CHENG. Asymmetric Information and Ownership Structure: Evidence from China Listed Companies. Systems Engineering - Theory & Practice, 2004, 24(11): 28-32 https://doi.org/10.12011/1000-6788(2004)11-28
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