本文選題：股權(quán)結(jié)構(gòu) + 盈余管理　； 參考：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2016年碩士論文

【摘要】：股價(jià)同步性指的是證券市場(chǎng)上的個(gè)股走勢(shì)呈現(xiàn)出與市場(chǎng)整體走勢(shì)相一致的現(xiàn)象,或者市場(chǎng)上大多數(shù)的股票一起漲跌的現(xiàn)象。中國(guó)的證券市場(chǎng)在過(guò)去的二十多年時(shí)間里,就高度表現(xiàn)了這一趨勢(shì),同一市場(chǎng)、同一行業(yè)、同一板塊的股票走勢(shì)相同,有一個(gè)或者多個(gè)龍頭股帶領(lǐng)其他股票一起拉升,只要是被投資者賦予了一個(gè)相同的“概念”,則不管公司的基本面信息有多糟糕,都可以跟著同一“概念”的股票一起分一杯羹。這樣的市場(chǎng)無(wú)疑將股票價(jià)格的信號(hào)傳遞作用降到了較低的程度,股價(jià)本應(yīng)該反映的是該上市公司的所有信息的集合體,然而這種現(xiàn)象阻礙了其他信息被納入到股價(jià)當(dāng)中,只允許了一小部分信息的傳遞。股價(jià)同步性這個(gè)概念可以很好的衡量出同漲同跌程度,幫助相關(guān)學(xué)者研究出解決這個(gè)問(wèn)題的方式方法和相應(yīng)的對(duì)策。本文充分考慮了中國(guó)證券市場(chǎng)的一些獨(dú)有特性,如上市公司的國(guó)企背景,一股獨(dú)大現(xiàn)象明顯等,結(jié)合國(guó)內(nèi)外的已有文獻(xiàn),探究了上市公司股權(quán)集中度、股權(quán)制衡度和股東性質(zhì)與其盈余管理程度的相關(guān)關(guān)系,進(jìn)而研究對(duì)股價(jià)同步性的影響。在理論方面充實(shí)了目前國(guó)內(nèi)研究相對(duì)較少的股價(jià)同步性課題,在實(shí)際方面對(duì)中國(guó)證券市場(chǎng)的法律法規(guī)建設(shè)和資本配置效率優(yōu)化等方面做出了一些貢獻(xiàn)。本文使用了2005-2014年中國(guó)滬深兩市A股上市公司的財(cái)務(wù)數(shù)據(jù),研究了上市公司股權(quán)結(jié)構(gòu)和盈余管理程度對(duì)股價(jià)同步性的影響,并得出了以下結(jié)論。第一,上市公司的股權(quán)集中度與盈余管理程度呈顯著正相關(guān)關(guān)系,股權(quán)制衡度與盈余管理程度呈顯著負(fù)相關(guān)關(guān)系,第一大股東為國(guó)有控股背景的上市公司相比非國(guó)有控股的上市公司盈余管理程度更高。第二,通過(guò)對(duì)上市公司盈余管理程度和股價(jià)同步性的研究,發(fā)現(xiàn)二者具有顯著正相關(guān)關(guān)系。第三,結(jié)合前兩個(gè)研究結(jié)論,本文得出股權(quán)集中度和國(guó)有控股背景這兩個(gè)變量對(duì)股價(jià)同步性有顯著地正向影響,而股權(quán)制衡度對(duì)股價(jià)同步性有顯著的負(fù)向影響。
[Abstract]:Stock price synchronism refers to the phenomenon that the individual stock trend in the stock market is consistent with the overall trend of the market, or that most stocks in the market rise and fall together. Over the past 20 years or so, China's securities market has shown a high degree of this trend. In the same market, in the same industry, in the same sector, the stock market has the same trend. One or more leading stocks have led other stocks to rise together. As long as investors give the same "concept", no matter how bad the company's fundamental information, you can follow the same "concept" of the stock. Such a market no doubt reduces the signalling role of stock prices to a lower level. The stock price should have reflected the aggregation of all the information of the listed company, but this phenomenon has prevented other information from being included in the stock price. Only a small portion of the information is allowed. The concept of synchronism of stock price can well measure the degree of the same rise and fall, and help the relevant scholars to study the ways and means to solve this problem and the corresponding countermeasures. This paper fully considers some unique characteristics of China's securities market, such as the background of state-owned enterprises of listed companies, an obvious phenomenon of dominance, and explores the degree of stock ownership concentration of listed companies in combination with the existing literature at home and abroad. The relationship between equity balance degree and shareholder nature and earnings management degree, and the influence on stock price synchronism. In theory, it enriches the relatively few domestic research on the synchronization of stock prices, and makes some contributions to the construction of laws and regulations and the optimization of capital allocation efficiency in China's securities market. Using the financial data of A-share listed companies in China's Shanghai and Shenzhen stock markets from 2005 to 2014, this paper studies the effects of equity structure and earnings management degree on the synchronization of stock prices of listed companies, and draws the following conclusions. First, there is a significant positive correlation between the degree of equity concentration and earnings management, and a significant negative correlation between the degree of equity balance and the degree of earnings management. The earnings management degree of the listed companies with the largest shareholder background is higher than that of the non-state-holding listed companies. Secondly, through the study of earnings management degree and stock price synchronism of listed companies, it is found that there is a significant positive correlation between them. Thirdly, combined with the first two conclusions, this paper concludes that the two variables of ownership concentration and state-owned holding background have a significant positive impact on stock price synchronism, while equity checks and balances have a significant negative impact on stock price synchronism.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類(lèi)號(hào)】：F271;F275;F832.51

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