阅江学刊2024，Vol.16Issue(3)：121-131,11.
共同机构所有权是否会提升上市企业股票定价效率
Enhancing Stock Pricing Efficiency through Common Institutional Ownership:Evidence from Chinese Listed Companies
摘要
Abstract
This study investigates the impact of common institutional ownership on the efficiency of stock pricing in Chinese listed companies spanning from 2003 to 2021,leveraging the emerging ownership paradigm of common institutional ownership.Employing empirical analysis grounded in theoretical frameworks,the paper examines the mechanism through which common institutional ownership influences the pricing efficiency of sampled firms.Findings reveal a significant enhancement in stock pricing efficiency attributable to common institutional ownership,a conclusion validated through a battery of robustness tests.Mediation analysis underscores the pivotal role of corporate information disclosure quality as a conduit through which common institutional ownership shapes the stock pricing dynamics of listed companies.Moreover,moderation analysis reveals that the positive influence of common institutional ownership on stock pricing efficiency is more pronounced within manufacturing firms,entities audited by lesser-known audit institutions,those boasting robust corporate governance structures,non-state-owned enterprises,firms characterized by high comparability of accounting information,and those navigating high external environmental uncertainty.The study elucidates how common institutional ownership fosters improved stock pricing efficiency,ultimately mitigating the risk of stock price crashes and attenuating their adverse impact on capital markets.关键词
共同机构所有权/股票定价效率/信息透明度/股价崩盘风险引用本文复制引用
李晓庆,王思瑞..共同机构所有权是否会提升上市企业股票定价效率[J].阅江学刊,2024,16(3):121-131,11.基金项目
国家社会科学基金一般项目"外部冲击对股市价格跳跃影响的作用机理、预警及风险防控研究"(19BJY017). （19BJY017）
