【摘要】：股權(quán)結(jié)構(gòu)和投資者異質(zhì)信念是影響投資風(fēng)險(xiǎn)的兩個(gè)重要因素。本文以我國(guó)資本市場(chǎng)為背景,在研究公司治理的基礎(chǔ)上,利用中小板市場(chǎng)上市公司經(jīng)驗(yàn)數(shù)據(jù),進(jìn)一步研究股權(quán)集中度、投資者異質(zhì)信念與股票投資風(fēng)險(xiǎn)三者之間的關(guān)系,并基于異質(zhì)信念的視角研究股權(quán)結(jié)構(gòu)對(duì)股票投資風(fēng)險(xiǎn)的影響機(jī)制。研究表明:提高股權(quán)集中度有利于降低投資者信念異質(zhì)程度和股票投資風(fēng)險(xiǎn);投資者信念異質(zhì)程度的降低有利于降低中小企業(yè)投資風(fēng)險(xiǎn);投資者異質(zhì)信念作為傳導(dǎo)變量,存在于股權(quán)集中度對(duì)股票投資風(fēng)險(xiǎn)的影響中。
[Abstract]:Equity structure and investors' heterogeneous belief are two important factors that affect investment risk. Based on the study of corporate governance and the empirical data of listed companies in the small and medium-sized board market, this paper further studies the relationship among equity concentration, investors' heterogeneous belief and stock investment risk, based on the background of China's capital market, and on the basis of the research on corporate governance. The influence mechanism of equity structure on stock investment risk is studied from the perspective of heterogeneous belief. The research shows that the increase of equity concentration is beneficial to reduce the degree of investor belief heterogeneity and stock investment risk, and the decrease of investor belief heterogeneity is beneficial to reduce the investment risk of small and medium-sized enterprises. Investors' heterogeneous belief, as a conduction variable, exists in the impact of equity concentration on the risk of stock investment.
【作者單位】： 財(cái)政部財(cái)政科學(xué)研究所博士后流動(dòng)站;安徽財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;
【基金】：國(guó)家社會(huì)科學(xué)基金項(xiàng)目“異質(zhì)信念、準(zhǔn)則執(zhí)行力與市場(chǎng)有效性研究”(16BJY020)
【分類號(hào)】：F832.51

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