摘要
企业家的社会资本作为一种特殊资源对推动企业发展具有重要意义。虽然现实中难以对企业家社会资本价值进行数值意义上的衡量,但是股票市场上的投资者会敏锐地对此作出反应,因此通过股票价格变化可以衡量资本市场上投资者对企业家社会资本价值如何"定价"。基于此,本文以2008~2017年发生董事长或总经理变更的A股上市公司为样本,检验了继任者的社会资本对窗口期股票累计超额收益的作用。同时,本文分别探讨了在公司规模、利润与负债情况不同时,继任者社会资本对股价的影响,从市场角度肯定了企业家的社会资本价值。本文研究表明:第一,在变更事件中,企业家的社会资本有正向股价反应,即企业家的社会资本越丰富对公司股价的促进作用越强;第二,当上市公司规模较小,或业绩不善,或陷于高负债时,继任企业家的社会资本越丰富,越能吸引股票市场上投资者的青睐,进而促进股价提高。
As a special resource of enterprises,the social capital of entrepreneurs plays an important role in promoting the development of enterprises.Although it is difficult to measure the value of entrepreneurs’social capital in a numerical sense in reality,investors in the stock market will respond to it keenly.Therefore,how investors"price"the value of entrepreneurs’social capital in the capital market can be measured through the change of stock price.Basedonthis,taking the A-share listed companies with the Change of Chairman or General Manager as samples,which from 2008 to 2017,this paper examines the influence of successor’s social capital on cumulative abnormal return of stocks in the window period.It also discusses the influence of successor’s social capital on stock price when the company size,profit and debt are different,further affirming the entrepreneur’s personal value from the perspective of market.This paper shows that:first,in the event of turnover,entrepreneur’s social capital has a positive share price effect.In other words,the richer the social capital of entrepreneurs,the stronger the promoting effect on the company’s stock price.Second,when the listed companies are small in scale,or in poor performance,or trapped in high debt,hiring entrepreneurs with abundant social capital is more attractive to investors in the stock market,and has more significant promotion effect to the stock price.
作者
李金玮
韦倩
Li Jinwei;Wei Qian(The Center for Economic Research,Shangdong University,250100)
出处
《制度经济学研究》
2021年第2期167-184,共18页
Research on Institutional Economics
基金
国家自然科学基金(71873076)
国家“万人计划”青年拔尖人才(W03070176)
山东省“泰山学者”青年专家(TSQN20161008)项目的资助
关键词
企业家
社会资本
股价反应
变更事件
Entrepreneur
Social Capital
Share Price Effect
Turnover Event
