家族控制程度对上市公司股价情绪效应的影响研究

The Influence of Family Control on Sentimental Effect of Listed Companies' Stock Return

中文关键词:  家族控制  股价情绪效应  代际传承  信息披露  行业竞争

英文关键词:family control  sentiment effect of stock return (SESR)  intergenerational transmission  information disclosure  industry competition

中文摘要:

      上市公司家族控制程度的差异是否会引起投资者对其股票估值的不确定性的变化,这一问题在现有家族企业研究文献中鲜有涉及。基于我国A股家族上市公司样本的2009—2017年度数据,从股票超额收益率对投资者情绪敏感度的角度,分析了家族控制程度对股价情绪效应的影响。研究发现,家族控制程度的增加会加剧上市公司股价的情绪效应,股票超额收益率对投资者情绪的波动更为敏感,而且公司规模越小,账面市值比越低,则其股价情绪效应越明显。股权制衡程度更高的公司,家族控制程度对其股价情绪效应的影响会降低,说明有效的治理结构会减缓股价情绪效应。公司主动性信息披露、代际传承进展,以及公司所处行业的市场竞争程度,均显著地负向调节家族控制程度对股价情绪效应的影响,减缓了收益率对情绪的敏感程度。通过改善这些变量的监管状况,可以有效缓解投资者情绪对家族控制公司股价的冲击,促进股票市场的平稳运行。

英文摘要:

      Whether family control in listed companies will affect investors' judgment of stock valuation is rarely involved in the existing research literature. Based on the sample data of China's A-share family-owned listed companies during the years from 2009 to 2017, this paper analyzes the influence of family control degree on the sentiment effect of stock return (SESR) from the perspective of stock excess return rate to investor sentiment sensitivity. The moderating effects of information disclosure, inter-generational inheritance and industry competition are discussed as well. The empirical results show that the increase of family control can aggravate SESR, i.e. the stock excess return rate is more sensitive to the fluctuation of investor sentiment. The result also indicates that the smaller the company is, the lower the book-to-market ratio is, and the more obvious the SESR is. The influence of family control on SESR can be reduced for companies with a higher degree of equity balance, which indicates that an effective governance structure can weaken SESR. The information disclosure, intergenerational inheritance, and market competition of companies can significantly negatively regulate the impact of family control on SESR. By improving the regulatory status of these variables, it can effectively alleviate the impact of investor sentiment on the stock price of a family control company and promote the smooth operation of the stock market. 