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股价信息含量是个股股价对企业特质信息的反映程度,股价信息含量关系着资本市场定价效率、优化资源配置,相应地,研究股价信息含量的动因、探讨如何促进股价信息含量显得十分必要。管理层是企业经营和信息披露的决策制定者,管理层的激励机制影响了其决策行为。给予管理层股权激励能否将管理层利益与股东利益协同起来,提升企业股价的信息含量则是本文的研究问题。本文采用理论分析和实证研究方法,基于2013-2014年中国非金融类A股上市数据,研究了管理层持股对股价信息含量的影响。研究发现,管理层持股显著提升了股价信息含量,提高了资本市场的定价效率。
The content of stock price information is the reflection of individual stock price on firm trait information. The stock price information content is related to the pricing efficiency of capital market and the optimization of resource allocation. Therefore, it is necessary to study the motivation of stock price information content and discuss how to promote the stock price information content. Management is the decision-maker of enterprise management and information disclosure, and the management’s incentive mechanism affects its decision-making behavior. It is the research topic of this article whether to give management equity incentive to reconcile management interest with shareholders’ benefit. Based on the data of China’s non-financial A-shares listed in 2013-2014, this paper uses theoretical analysis and empirical research methods to study the influence of management shareholding on the stock price information content. The research shows that the management shareholding significantly improves the stock price information content and improves the pricing efficiency of the capital market.