北京航空航天大学学报(社会科学版) ›› 2016, Vol. 29 ›› Issue (6): 54-61.DOI: 10.13766/j.bhsk.1008-2204.2014.0603

• 经济与管理 • 上一篇    下一篇

股权市场环境、投资者监督与公司治理绩效——基于关联信号模型的分析

李元1, 李晓畅2   

  1. 1. 南开大学 商学院, 天津 300071;
    2. 南开大学 经济学院, 天津 300071
  • 收稿日期:2014-11-19 出版日期:2016-11-25 发布日期:2016-08-24
  • 作者简介:李元(1968-),男,天津人,副教授,博士,研究方向为公司财务.

Equity Market Environment, Investors Activism and Corporate Governance Performance: An Analysis Based on Correlated Signal Model

LI Yuan1, LI Xiaochang2   

  1. 1. Business School, Nankai University, Tainjin 300071, China;
    2. Ecomomics School, Nankai University, Tainjin 300071, China
  • Received:2014-11-19 Online:2016-11-25 Published:2016-08-24

摘要:

将市场微观结构方法应用于所有权和控制权分离情形下的公司治理问题的研究,面向的实际运作环境是,投资者从事具有直接价值生产性的监督活动,其同时又利用通过监督活动获得的信息在股票市场中交易被监督公司的股权,借鉴Jain和Mirman的关联信号模型考察拥有大宗股权的投资者的公开市场交易对其内部监督控制行为的影响,得出了投资者的监督水平和公司治理绩效受到股票市场流动性等微观结构因素影响的结论,从而进一步揭示出投资者监督和控制有效运作的外部股权市场环境。

关键词: 市场微观结构, 公司治理, 投资者积极性, 关联信号, 股票市场流动性

Abstract:

The paper applies market microstructure approach to study the problem of corporate governance on the case of separation of ownership and control power. Focus on the real operating environment where investors are engaged in monitoring activities with direct productive value, and meanwhile trading equity of the supervised company in the stock market, the paper adopts the Jain and Mirman's correlated signal model to examine the effect of open market transactions of investors with major stakes on their internal monitoring and control behavior. The paper concludes that the monitoring level of the investors and the corporate governance performance are affected by stock market microstructure factors such as stock market liquidity. The paper further reveals how to build an external equity market environment where investors can monitor and control more effectively.

Key words: market microstructure, corporate governance, investor activism, correlated signal, stock market liquidity

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