股权激励与私有信息传递一直是学术界与监管部门关注的重要问题。基于深圳证券交易所投资者互动平台的数据,文章考察了股权激励对私有信息套利空间的压缩作用以及投资者调研在股权激励对私有信息套利空间压缩作用上的中介效应。研究发现,实施股权激励之后,公司的投资者调研次数更多、规模更大,而且公司的私有信息套利空间也更低;中介效应的实证结果表明,投资者调研起到了中介作用。进一步研究发现,相比于非机构投资者,机构投资者的中介作用更大;相比于非实地调研,实地调研的中介作用更大。研究表明,被股权激励的管理层与外部投资者之间的互动能够降低公司的私有信息套利空间,这从信息效率的视角丰富了股权激励经济后果的研究,同时也为监管部门完善投资者调研制度提供一定的理论参考。
股权激励、投资者调研与私有信息套利空间
摘要
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引用本文
赵新杰. 股权激励、投资者调研与私有信息套利空间[J]. 上海财经大学学报, 2019, 21(1): 107-124.
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