MANAGEMENT SCIENCE · VOL. 61, NO. 7 · JULY 2015

公司透明度与投资者情绪对股价的影响

作者：Michael Firth (Lingnan University- Department of Finance and Insurance), Kailong (Philip) Wang (Michigan State University- Eli Broad College of Business), Sonia ML Wong (Lingnan University- Department of Finance and Insurance)

摘要：利用中国股市作为测试场地，本研究探讨了公司透明度如何帮助解释股票价格对一般投资者情绪的敏感性。我们用一连串包括国有控股比例、相关方交易普遍程度、应急盈余管理、审计意见和审计事务所质量来衡量公司透明度，发现低透明度的公司比高透明度的公司更容易受到投资者情绪的影响。总体而言，我们的研究结果在减轻投资者情绪对股票价格的基础上，强调了公司透明度的重要性。

关键词：投资者情绪；股票价格；公司透明度；中国；新兴市场

Corporate Transparency and the Impact of Investor Sentiment on Stock Prices

Michael Firth (Lingnan University- Department of Finance and Insurance), Kailong (Philip) Wang (Michigan State University- Eli Broad College of Business), Sonia ML Wong (Lingnan University- Department of Finance and Insurance)

ABSTRACT

Using China's stock market as the testing venue, this study examines how corporate transparency helps explain the sensitivity of stock prices to general investor sentiment. We find that firms with low corporate transparency, measured by a battery of proxies including state ownership, the prevalence of related party transactions, accrual-based earnings management, audit opinions, and the quality of audit firms, are more affected by investor sentiment than are firms with high corporate transparency. Overall, our findings highlight the importance of corporate transparency in mitigating the effects of investor sentiment on stock prices.

Keywords: investor sentiment; stock prices; corporate transparency; China; emerging markets

原文链接：http://xueshu.baidu.com/s?wd=paperuri%3A%28a2ad7e1a7634e9ac4b7b205f6e5daaaa%29&filter=sc_long_sign&tn=SE_xueshusource_2kduw22v&sc_vurl=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2442521&ie=utf-8&sc_us=4441374797251384982

翻译：景薇