本文關(guān)鍵詞： 媒體關(guān)注 內(nèi)部控制 股價(jià)同步性 信息傳遞　出處：《浙江財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在資本市場(chǎng)上,如何實(shí)現(xiàn)資源的有效配置是廣大學(xué)者們一直關(guān)注的重要課題。股價(jià)同步性是指某一個(gè)公司的股票價(jià)格發(fā)生的變動(dòng)與股票市場(chǎng)價(jià)格的平均變動(dòng)之間的關(guān)聯(lián)性。股價(jià)同步性的高低程度反映了股價(jià)中包含了多少的公司特質(zhì)信息。股價(jià)同步性越低,則意味著股價(jià)中包含了更多的公司特質(zhì)信息,市場(chǎng)資源的配置效率也越高。而相比于西方的一些發(fā)達(dá)國(guó)家,我國(guó)上市公司的股價(jià)同步性一直比較高。因此,如何降低股價(jià)同步性,提高資源的配置效率是亟待解決的重要課題。媒體作為信息的一個(gè)傳遞者,在資本市場(chǎng)中扮演的角色愈來愈重要。作為一種信息傳遞的媒介,媒體在公司的治理方面、資產(chǎn)的定價(jià)效率上都起到了重要的作用。媒體對(duì)上市公司的關(guān)注越多,披露的有關(guān)公司的信息也會(huì)越多,投資者們就會(huì)根據(jù)媒體報(bào)道的信息去進(jìn)行投資,而不是僅僅根據(jù)市場(chǎng)或者行業(yè)的信息做出投資決策。媒體報(bào)道可以使公司的股票價(jià)格波動(dòng)與市場(chǎng)的平均波動(dòng)的關(guān)聯(lián)性降低,減小股價(jià)的同步性。因此,媒體對(duì)上市公司的關(guān)注必然會(huì)影響公司股票的價(jià)格,影響股價(jià)的同步性。同時(shí),上市公司內(nèi)部控制質(zhì)量的高低也是公司向外界傳遞信息的信號(hào)。并且,當(dāng)企業(yè)擁有高質(zhì)量的內(nèi)部控制時(shí),企業(yè)的管理層更愿意向外界披露自身的信息,吸引更多的投資者,以此來讓投資者們將自己與那些內(nèi)部控制質(zhì)量差的企業(yè)區(qū)別開來;相反,當(dāng)企業(yè)內(nèi)部控制質(zhì)量較差時(shí),管理者可能不愿意披露太多企業(yè)的信息。因此,內(nèi)部控制質(zhì)量的高低會(huì)影響企業(yè)管理者對(duì)企業(yè)信息的披露程度,內(nèi)部控制質(zhì)量越高,管理者愿意披露的信息越多,那么,市場(chǎng)上的投資者就能夠通過管理者披露的信息對(duì)公司進(jìn)行投資,從而影響到公司的股價(jià)。這樣就使股價(jià)中融入了更多關(guān)于公司的信息,降低了股價(jià)的同步性。然而,現(xiàn)有關(guān)于媒體關(guān)注與股價(jià)同步性的研究文獻(xiàn)還不多,也鮮有學(xué)者從內(nèi)部控制這一視角對(duì)股價(jià)同步性進(jìn)行研究。本文立足于中國(guó)的制度背景,運(yùn)用理論與實(shí)證相結(jié)合的實(shí)證方法研究媒體關(guān)注、內(nèi)部控制質(zhì)量與股價(jià)同步性的關(guān)系。本文主要包括以下六個(gè)部分。第一部分為緒論,這一部分主要介紹研究的背景、研究意義、研究的方法及研究框架,并提出本文的創(chuàng)新點(diǎn);第二章為文獻(xiàn)綜述。根據(jù)國(guó)內(nèi)外學(xué)者的研究,對(duì)媒體關(guān)注、內(nèi)部控制和股價(jià)同步性進(jìn)行文獻(xiàn)回顧,再對(duì)這些文獻(xiàn)進(jìn)行評(píng)述。第三章為理論分析與假設(shè)。這一章主要分為相關(guān)理論和理論分析與假設(shè)。在相關(guān)理論部分主要闡述了有效市場(chǎng)假說、信息不對(duì)稱、信號(hào)傳遞以及交易成本這四個(gè)理論。在理論分析與假設(shè)這部分,本文在相關(guān)理論分析的基礎(chǔ)上提出媒體關(guān)注、內(nèi)部控制與股價(jià)同步性的研究假設(shè)。第四章為研究設(shè)計(jì)。本章節(jié)主要對(duì)本文實(shí)證所需的樣本進(jìn)行選取,剔除不符合條件的樣本,然后選取本文所需的變量進(jìn)行定義,并建立回歸模型。第五章為實(shí)證分析。這一章節(jié)主要包括描述性統(tǒng)計(jì)、相關(guān)性分析以及回歸結(jié)果的分析,并對(duì)回歸的結(jié)果進(jìn)行了穩(wěn)健性檢驗(yàn)。第六章為結(jié)論與建議。該部分根據(jù)實(shí)證的結(jié)果得出本文的結(jié)論,并根據(jù)得出的結(jié)論提出建議。最后提出本文的不足之處,并展望未來可能的進(jìn)一步研究方向。本文利用2010—2014年中國(guó)A股上市公司為研究樣本,探討了媒體關(guān)注、內(nèi)部控制與股價(jià)同步性的關(guān)系,并得出以下結(jié)論:第一,媒體關(guān)注與股價(jià)同步性存在顯著負(fù)相關(guān)關(guān)系,這個(gè)結(jié)果說明媒體關(guān)注能夠促進(jìn)上市公司信息的傳遞,降低股價(jià)同步性,提高市場(chǎng)資源的配置效率;第二,內(nèi)部控制質(zhì)量與股價(jià)同步性顯著負(fù)相關(guān),表明上市公司提高內(nèi)部控制質(zhì)量也能降低股價(jià)同步性,對(duì)市場(chǎng)資源的配置效率起到積極作用;第三,在內(nèi)部控制質(zhì)量不同的企業(yè),媒體關(guān)注對(duì)股價(jià)同步性的作用存在差異。在內(nèi)部控制較好的企業(yè),媒體關(guān)注對(duì)股價(jià)同步性的降低作用減緩。同時(shí),在文章的進(jìn)一步分析中發(fā)現(xiàn),不同產(chǎn)權(quán)性質(zhì)的企業(yè),內(nèi)部控制對(duì)股價(jià)同步性的影響存在差異。與國(guó)有企業(yè)相比,非國(guó)有企業(yè)內(nèi)部控制質(zhì)量對(duì)股價(jià)同步性的影響更顯著。在新形勢(shì)下,本文的研究結(jié)論對(duì)于我國(guó)如何降低股價(jià)的同步性,提高資本市場(chǎng)的資源配置效率具有一定的借鑒意義。以我國(guó)A股非金融上市公司為樣本的實(shí)證研究顯示,加強(qiáng)媒體對(duì)上市公司的關(guān)注度能夠降低股價(jià)同步性,提高公司的內(nèi)部控制質(zhì)量同樣能夠起到降低股價(jià)同步性的作用。這表明,在現(xiàn)階段我國(guó)可以結(jié)合外部與內(nèi)部的治理機(jī)制的方法,完善市場(chǎng)信息披露制度,增強(qiáng)企業(yè)信息的透明化從而降低股價(jià)同步性,提高市場(chǎng)的資源配置效率。
[Abstract]:In the capital market, how to achieve effective allocation of resources is the important subject of scholars. The synchronization of stock price refers to the relationship between the average changes in a company's stock price and the stock market price. The level of stock price synchronicity reflects the price includes information of company characteristics how much of the synchronization of stock price is low, it means that the stock price contains more information, characteristics, and market resource allocation efficiency is also higher. But compared with some developed countries in the west, China's listed companies stock price synchronicity been relatively high. Therefore, how to reduce the stock price synchronicity, improve resource the allocation efficiency is an important issue to be solved. As a media to convey information, play a role in the capital market is more and more important. As a kind of information transmission media, the media in corporate governance Daniel, asset pricing efficiency has played an important role. More attention to media listed companies, the disclosure of information will be more, investors will be based on the information reported by the media to invest, not only according to the market or industry information to make investment decisions. The average fluctuation of Media Association reports can make the company's stock price volatility and market decline in the synchronization to reduce the share price. Therefore, the media will inevitably influence the stock of listed companies concerned about the price, the stock price effect of synchronization. At the same time, the signal level of the quality of internal control of listed companies is the company to transmit information to the outside world. And, when the internal control of enterprises with high quality, the management of the enterprise, more willing to disclose their information, attract more investors, so investors will own and those The internal control of the poor quality of the enterprise to distinguish; on the contrary, when the poor quality of enterprise internal control, managers may be reluctant to disclose too much information of the enterprise. Therefore, internal control quality will affect the enterprise management level of enterprise information disclosure, internal control quality is high, the more willing to disclose information management so, to invest in the company on the market investors can through the management of information disclosure, which affects the company's stock price. So the stock price into the more information about the company, reduce the synchronization of stock prices. However, the existing research literature about the media attention and the synchronization of stock price is not much, too few scholars from the internal control to carry on the research of stock price synchronicity this perspective. Based on the system background Chinese, empirical research on the combination of theory and empirical methods of the media attention in the The relationship between internal control quality and stock price synchronicity. This paper includes the following six parts. The first part is the introduction, this part mainly introduces the research background, research significance, research methods and research framework, and puts forward the innovation of this paper; the second chapter is literature review. Based on the research of scholars at home and abroad, to the media attention, review the internal control and the synchronization of stock price, and then evaluates these literatures. The third chapter is the theoretical analysis and hypothesis. This chapter is divided into theory and theoretical analysis and hypothesis. The related theory mainly elaborated the efficient market hypothesis, asymmetric information theory, the four signal transmission and transaction cost in this part of the theoretical analysis and assumptions, this media attention on the basis of theoretical analysis and research hypothesis of internal control and stock price synchronicity. The fourth chapter is the research design in this chapter. This paper is mainly on empirical required samples were chosen to eliminate the unqualified samples, and then select the required variables are defined, and the regression model. The fifth chapter is the empirical analysis. This chapter mainly include descriptive statistics, correlation analysis and regression analysis results, the regression results of the robustness test. The sixth chapter is the conclusion and suggestion. In this part, according to the empirical results the paper draws the conclusion, and puts forward some suggestions according to the conclusion. Finally, the shortcomings of the paper and the prospect of further research to the possible future. This paper uses the 2010 - 2014 China A shares of listed companies as research samples, discusses the relationship between the media attention. Internal control and stock price synchronicity, and draws the following conclusions: first, there is a significant negative correlation between the media attention and synchronicity, this result shows that media attention to To promote the transfer of information of listed companies, reduce the stock price synchronicity, improve market efficiency of resource allocation; second, the quality of internal control and the synchronization of stock price negatively related to that listed companies to improve the quality of internal control can reduce the stock price synchronicity, the market efficiency of the allocation of resources to play a positive role; third, the quality control of different enterprises inside, the media attention on the synchronization of stock price effects are different. The better control of the enterprise in the internal media attention, slow down on the stock price synchronicity decreased. At the same time, further analysis in the article in the different nature of the property rights of enterprises, influence on the stock price synchronicity of internal control are different. Compared with state-owned enterprises influence of non state-owned enterprises, the quality of internal control and the synchronization of stock price is more significant. In the new situation, the conclusion of this research for our country how to reduce the synchronicity of stock price, improve 璧勬湰甯?jìng)鍦虹殑璧勬簮閰嵕|晥鐜囧叿鏈変竴瀹氱殑鍊熼壌鎰忎箟.浠ユ垜鍥紸鑲￠潪閲戣瀺涓婂競(jìng)鍏徃涓烘牱鏈殑瀹炶瘉鐮旂┒鏄劇ず,鍔犲己濯掍綋瀵逛笂甯?jìng)鍏徃鐨勫呄x敞搴﹁兘澶熼檷浣庤偂浠峰悓姝ユ，

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