水信息披露、机构投资者与股价同步性

李世辉; 程  宸; 王淑窈; 曾辉祥

水信息披露、机构投资者与股价同步性

引用本文：李世辉，程宸，王淑窈，曾辉祥.水信息披露、机构投资者与股价同步性[J].财经理论与实践,2020,(6):57-63

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作者	单位
李世辉，程宸，王淑窈，曾辉祥	（中南大学商学院，湖南长沙 410083）

中文摘要:基于2010-2016年中国A股高水敏感行业的322家上市公司数据，实证检验水信息披露对股价同步性的影响，以及机构投资者的调节效应。研究表明：水信息披露对股价同步性的影响呈倒U型，且在民营企业样本中尤其显著。在国有企业样本中，机构投资者的加入能促使水信息披露更好地融入股价；在民营企业样本中，只有在高水信息披露水平下，机构投资者才能更好地发挥调节作用。

中文关键词:水信息披露股价同步性机构投资者信息透明度

Water Disclosure, Institutional Investors and Stock Price Synchronicity

Abstract:Based on the 322 listed companies in China's A-share high-water sensitive industry from 2010 to 2016, this paper empirically tests the impact of water information disclosure on stock price synchronicity and the regulatory effect of institutional investors on the relationship between the two. The research shows that: Water information disclosure has an inverted U-shaped effect on stock price synchronicity, and is particularly significant in private enterprise samples. The regulatory role of institutional investors has strengthened these effects. In the state-owned sample, the participation of institutional investors can promote the better integration of water information disclosure into stock prices. Further research found that under high water information disclosure level, institutional investors in the private sample can better play a regulatory role.

keywords:water information disclosure stock price synchronicity institutional investor information transparency

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