公司治理能否影响投资者的投资决策是上市公司能否自发性地完善治理制度的标志。本文利用“事件研究”方法,检验了中国股票市场对“公司治理自查与整改”公告的反应。结果表明,当公司治理缺陷被披露时,股票的超额回报率显著为负,从而证实了中国上市公司治理水平对投资决策产生了影响,并且这种影响依赖于公司多元化程度。
Whether corporate governance influences investors' decisions is critical for listed companies to spontaneously perfect their corporate governance institution. This paper tests the reaction of the stock market in China on the disclosure of "Corporate Governance Self-inspection and Reform" with the "Event Study" methodology. The results show that when a company' s corporate governance deficiency is disclosed, the abnormal returns of its shares are significantly negative, which proves that corporate governance influences investment decisions and the influence depends on the diversification degree of the corporate.