文章基本信息

标题：The Impact of Ownership Structure on the Private Information: An Empirical Study Based on China’s A-Share Market
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作者：Zhisen Zeng ; Yuying Li
期刊名称：International Business Research
印刷版ISSN：1913-9004
电子版ISSN：1913-9012
出版年度：2021
卷号：14
期号：7
页码：12
DOI：10.5539/ibr.v14n7p12
出版社：Canadian Center of Science and Education
摘要：Ownership structure will have a certain impact on the private information of a company, which will have a complex impact on the financial market. Therefore, it is necessary to study the impact of the ownership structure on private information. This paper uses the monthly data of individual stocks in A-share from 2019 to 2020 to calculate the goodness of fit of the CAPM model to measure the private information content, and then conducts multiple analysis processes such as multicollinearity analysis and heteroscedasticity analysis to ensure the accuracy of the model. Then, this paper uses the WLS regression method for final calculation. The results show that the higher ownership concentration, the less private information content, the weaker private information arbitrage. Finally, this paper puts forward some valuable suggestions for China's financial market based on the empirical results.
关键词：ownership structure; private information; CAPM model; WLS regression