校友关系能带来基金经理的信息溢价吗？——基于中国资本市场的实证研究

摘要/Abstract

摘要： 本文探讨了上市公司高管和基金经理之间的校友关系与信息溢价的内在联系。研究发现，校友关系能够带来信息溢价，具体表现为基金经理投资校友高管所在企业能够获得超额投资收益。进一步研究表明，信息层级显著影响信息质量，该信息溢价仅存在于与上市公司核心高管存在校友关系的股票投资中，而与非核心高管的联结反而可能会带来负收益；而在市场化进程越快、政府干预程度越低、法制环境越好的地区，信息溢价则越小；上市公司内部公司治理水平的提高并不会对校友关系的信息溢价产生显著的影响。本研究有助于更全面地认识校友关系溢价的产生机制与影响因素，为我国证券监管机构的政策制定提供参考依据。

关键词: 社会关系, 信息溢价, 信息层级, 治理环境

Abstract: This paper explores the internal link between the information premium and the alumni relationship. The study finds that the alumni relationship between listed companies’ executives and fund managers can bring information premium, as evidenced by the extra return that fund managers obtain by investing in their alumni’s business. Further research shows that information premium only exists in stock investment where the alumni relationship is with core executives of listed companies, and the information premium is less significant in the rapidly marketizing areas with less government intervention and a sound regulatory environment. At the same time, the improvement of corporate governance within listed companies does not have a significant impact on the information premium of alumni relationship. This study helps to understand the mechanism and influencing factors of the alumni relationship premium in a more comprehensive way, and provides a reference for the formulation of China’s securities regulatory policies. It is also shown that the reform of the external governance environment of enterprises over recent years in China has not only helped enterprises to grow healthily, but also contributed to the healthy and stable development of China’s capital market.

Key words: social relationship, information premium, information level, governance environment

方芳, 曹宇莲, 朱然. 校友关系能带来基金经理的信息溢价吗？——基于中国资本市场的实证研究[J]. 管理评论, 2022, 34(4): 3-18.

Fang Fang, Cao Yulian, Zhu Ran. Can Alumni Relationship Bring Information Premium to Fund Managers?——An Empirical Study Based on China’s Capital Market[J]. Management Review, 2022, 34(4): 3-18.

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