摘要
为研究高铁开通对于投资者异质信念的影响,以2006年∼2019年间中国A股上市公司为研究样本,以高铁开通为自然实验,采用双重差分模型展开实证分析.研究发现,样本期内,高铁开通显著降低了当地企业的投资者异质信念水平;更换主变量以及采用工具变量法控制内生性问题后结论依然成立;作用机理研究表明,高铁开通提高了公司信息披露质量,提高分析师预测准确度,进而影响投资者异质信念;异质性分析发现,对于市值规模较小的企业和国有企业,高铁开通对异质信念水平的影响更为显著.
In order to study the impact of high-speed rail opening on investors’heterogeneous beliefs,the paper takes China’s A-share listed companies from 2006 to 2019 as the research sample,uses high-speed rail opening as a natural experiment,and employs the difference-in-difference approach(DID)for empirical analysis.The result shows that the opening of high-speed rail significantly reduces the level of investors’heterogeneous beliefs of companies along the railway.The conclusion is still significant after replacing main variable and controlling for endogenous problems by utilizing instrumental variables approach.Mechanism analysis shows that the opening of high-speed railway reduces investors’heterogeneous beliefs through improving the quality of company information disclosure and the accuracy of analysts’predictions.The heterogeneity analysisfinds that the opening of high-speed rail has a more significant impact on the level of heterogeneous beliefs for enterprises with smaller market capitalization and state-owned enterprises..
作者
张昱昭
杜修立
张雨薇
Zhang Yuzhao;Du Xiuli;Zhang Yuwei(School of Finance,Nanjing University of Finance and Economics,Nanjing 210023,China;Business School,Nanjing University,Nanjing 210008,China)
出处
《系统工程学报》
CSCD
北大核心
2024年第6期821-835,共15页
Journal of Systems Engineering
基金
江苏高校哲学社会科学研究一般资助项目(2021SJA0295)
国家自然科学基金资助项目(72201122)
国家社会科学基金资助项目(20BJY250)
江苏高校哲学社会科学研究重大资助项目(2019SJZDA062)
关键词
高铁开通
异质信念
分析师预测
信息披露质量
opening of high-speed railway
heterogeneous beliefs
analyst forecast
information disclosure quality
