Foreign-funded firms and stock price informativeness: Evidence from Chinese capital markets

IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE
Jianhao Gao (郜建豪) , Zhenzhou Tu (涂振洲)
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引用次数: 0

Abstract

This study investigates the potential impact of foreign-funded firms on the stock price informativeness of China's capital market. The study utilizes data from China's A-share listed firms spanning from 2011 to 2022. The findings reveal a significant positive correlation between foreign-funded firms and stock price informativeness. Furthermore, the study demonstrates that the positive relationship between foreign-funded firms and stock price informativeness is more pronounced in samples exhibiting higher levels of social responsibility than in those with lower levels. Similarly, in samples characterized by higher levels of product market competition, the positive relationship between foreign-funded firms and stock price informativeness is more significant than in samples with lower levels of competition. The conclusions remain robust after addressing potential endogeneity concerns using four distinct methodological approaches.
外资企业与股价信息:来自中国资本市场的证据
本研究探讨外资企业对中国资本市场股价信息的潜在影响。该研究使用了2011年至2022年中国a股上市公司的数据。研究结果表明,外资企业与股价信息量之间存在显著的正相关关系。此外,研究还表明,在社会责任水平较高的样本中,外资企业与股价信息性之间的正相关关系比在社会责任水平较低的样本中更为明显。同样,在产品市场竞争水平较高的样本中,外资企业与股价信息性之间的正相关关系比竞争水平较低的样本更为显著。在使用四种不同的方法方法解决潜在的内生性问题后,结论仍然是强有力的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.30
自引率
2.20%
发文量
253
期刊介绍: The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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