政府采购与股价同步性

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-08-09 DOI:10.1016/j.pacfin.2025.102896

Ning Wang , Guowan Yan , Yixin Zeng

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引用次数: 0

摘要

本文以2015 - 2023年中国上市公司为样本，研究政府采购对股价同步性的影响。我们发现政府采购与股票价格同步性之间存在负相关关系，这表明政府采购促进了企业特定信息纳入股票价格。我们还发现，增加投资者的关注和减少企业对需求侧波动的暴露是政府采购影响股价同步性的两个渠道。此外，我们发现，在政府干预力度较大的地区和经济政策不确定性较高的时期，这种负相关关系更为明显。最后，我们比较了大采购合同和小采购合同的影响，发现大采购合同与股价同步性降低的幅度更大。

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Government procurement and stock price synchronicity

This study investigates the effect of government procurement on stock price synchronicity using a sample of Chinese listed firms from 2015 to 2023. We find a negative association between government procurement and stock price synchronicity, suggesting that government procurement enhances the incorporation of firm-specific information into stock prices. We also find that increasing investor attention and decreasing firms' exposure to demand-side volatility are two channels through which government procurement affects stock price synchronicity. In addition, we find that this negative relationship is more pronounced for firms located in regions with stronger government intervention and during periods of heightened economic policy uncertainty. Finally, we compare the effects of large and small procurement contracts and find that larger contracts are associated with a more substantial reduction in stock price synchronicity.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.