摘要
一般法人作为我国A股市场的重要参与者,研究其持股行为具有重要意义。本文实证检验了一般法人持股对于交易型市场操纵行为的影响。在此基础上,构建中介效应模型,引入度量股价崩盘风险和上市公司信息披露水平的指标,探究其背后的影响机制。此外,分别基于不同上市板块以及不同公司属性进行异质性分析。在实证分析的基础上,本文提出如下政策建议:一是要提高对市场操纵行为的识别准确度和惩处力度;二是要加大对一般法人持股行为的监管;三是提高上市公司的信息披露水平。
As an important participant in my country’s A-share market, general legal persons are of great significance to study their shareholding behavior. This paper empirically tests the impact of general legal person shareholding on transactional market manipulation. On this basis, the mediation effect model is constructed, and indicators to measure the stock price crash risk and the information disclosure level of listed companies are introduced to explore the impact mechanism behind it. In addition, the heterogeneity analysis is carried out based on different listed sectors and different company attributes. On the basis of empirical analysis, this paper puts forward the following policy suggestions: first, to improve the identification accuracy and punishment of market manipulation;second, to strengthen the supervision of general legal person shareholding;third, to improve the information of listed companies disclosure level.
出处
《投资研究》
CSSCI
北大核心
2022年第7期149-160,共12页
Review of Investment Studies
基金
国家自然科学基金项目“中国股票市场交易型操纵监测、影响与防范研究——基于分时高频数据云计算的实现”(71973070)资助
关键词
一般法人
交易型市场操纵
股价崩盘风险
上市公司信息披露
General legal person
Transactional market manipulation
Risk of stock price collapse
Information disclosure of listed companies
