【摘要】：股權結構和投資者異質信念是影響投資風險的兩個重要因素。本文以我國資本市場為背景,在研究公司治理的基礎上,利用中小板市場上市公司經驗數據,進一步研究股權集中度、投資者異質信念與股票投資風險三者之間的關系,并基于異質信念的視角研究股權結構對股票投資風險的影響機制。研究表明:提高股權集中度有利于降低投資者信念異質程度和股票投資風險;投資者信念異質程度的降低有利于降低中小企業(yè)投資風險;投資者異質信念作為傳導變量,存在于股權集中度對股票投資風險的影響中。
[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.
【作者單位】： 財政部財政科學研究所博士后流動站;安徽財經大學會計學院;
【基金】：國家社會科學基金項目“異質信念、準則執(zhí)行力與市場有效性研究”(16BJY020)
【分類號】：F832.51

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本文編號：2433384