与发达国家相比，我国股价同步性水平一直偏高，过高的股价同步性水平表 明公司特质信息较少融入股价中，当股价中公司层面的特质信息含量不高 时，外 部投资者可能在投资决策时将好公司和坏公司混同对待，降低资本市场资源配置 效率。基于此，研究如何能提高股价中公司特质信息含量，降低股价同步性具有 重要意义 。已有关于股价同步性的影响因素研究主要集中公司治理、制度建设等 方面，虽然已有文献从管理者的学历、独立董事的行业专长、管理层权力等角度 研究其与股价同步性之间 的关系，但是少有研究以管理者自己能力差异为切入点， 探讨其与股价同步性的关系。那么，管理者自身能力的差异是否会影响上市公司 的股价同步性，其具体的影响机理是什 么？新闻媒体，作为资本市场重要的信息 媒介，能否降低上市公司与外部投资者的信息不对称程度，提高股价中公司层面 特质信息含量，从而能够降低上市公司的股价同步性？ 在对研究对象的概念界定和相关基础理论的分析上，本文主要从会计信息可 靠性和声誉机制两个方面揭示了管理者能力影响股价同步性的具体机制，并从降 低信息不对称和强化 声誉约束两个角度剖析媒体报道对管理者能力与股价同步 性影响的调节作用。本文以2010-2018年的上市公司数据为基础，采用大多数学 者计算管理者能力的DEA-Tobit二阶段模 型衡量解释变量，用单只股票的收益率 对所有股票平均收益率进行回归的方程所得的拟合优度指数来计算股价同步性， 利用实证研究方法探讨了管理者能力与股价同步性的相关 关系，并将媒体报道纳 入两者的研究框架中。实证研究结果表明：上市公司的管理者能力越高，股价中 公司层面的特质信息含量会越多，股价同步性降低，而新闻媒体对上市公 司报道 越多，会增强管理者能力与股价同步性之间的负向相关关系。在此基础上，进一 步探讨了不同性质的媒体报道对管理者能力与股价同步性之间的关系有不同的 影响，以及 考察管理者异质性特征的管理者能力是否对股价同步性有着不同影响。 本文的贡献之处在于：第一，不同于已有研究从管理者特征（独立董事行业 专长、董事会秘书、管理层权 力等）视角研究其与股价同步性之间的关系，本文 从管理者自身能力差异视角出发，探讨其与股价同步性之间的关系；第二，将媒 体报道纳入管理者能力与股价同步性的研究框 架中，并探讨了不同性质的媒体报 道对管理者能力与股价同步性之间关系的影响。本文的研究丰富了管理者能力经 济后果的相关研究，也为提高股价中公司层面的特质信息含量 ，降低上司公司的 股价同步性提供新的思路，对提高资本市场配置效率具有重要意义。 关键词： 管理者能力，媒体报道，股价同步性 II Abstract Compared with developed countries, the level of stock price synchronicity has been high in China. Excessive stock price synchronicity indicates that corporate information is less integrated into stock price, when the trait information of the company in the stock price is not high, external investors may confuse good companies with bad companies in investment decisions and reduce the efficiency of capital market resource allocation. Based on this, it is of great significance to research how to increase the information level of company traits in stock prices and reduce the synchronicity of stock prices. There have been some researches on the influencing factors of stock price synchronicity mainly focusing on corporate governance, system construction, etc., although there are literatures that have researched the relationship between stock price synchronicity and management from the perspective of managers 'education, independent directors' industry expertise, and management power.But few researches take the difference of managers' own ability as an entry point to explore its relationship with the synchronicity of stock prices. So, will the differences in managers' own abilities affect the synchronicity of the stock prices of listed companies, and what is the specific mechanism of influence? As an important information medium in the capital market, can News media reduce the degree of information asymmetry between listed companies and external investors and increase the information content of company-level traits in stock prices, thereby reducing the synchronicity of stock prices of listed companies? In the analysis of the definition of the research object and the analysis of related basic theories, this thesis mainly reveals the specific mechanism of the ability of managers to affect the synchronicity of stock prices from the aspects of accounting information reliability and reputation mechanism, and from reducing information asymmetry and strengthening reputation Constrain the two angles to analyze the mediating effect of media reports on the ability of managers to synchronize with stock prices. Based on the data of listed companies from 2010 to 2018, this thesis uses the DEA-Tobit two-stage model for calculating the managerial ability of most scholars to measure explanatory variables. The goodness- of-fit index is used to calculate the synchronization of stock prices. Empirical research methods are used to explore the relationship between the ability of managers and the synchronicity of stock prices, and media reports are included in the research framework of both. Empirical research III results show that: the higher the managerial ability of the listed company, the more the company-level trait information content in the stock price, and the synchronicity of the stock price decreases. The negative correlation between them. On this basis, it further explores the different effects of different media reports on the relationship between the ability of managers and the synchronization of stock prices, and whether the ability of managers to investigate the heterogeneous characteristics of managers has different effects on the synchronicity of stock prices. The contribution of this article lies in: First, it is different from the existing researches to study the relationship between the characteristics of managers (independent director industry expertise, board secretary, management power, etc.) and the synchronicity of stock prices. From the perspective of capability difference, discuss the relationship between it and stock price synchronicity; Second, include media reports in the research framework of managerial capabilities and stock price synchronicity, and discuss the different types of media reports on the influence of managerial capabilities and the synchronicity of stock prices. The research in this thesis enriches the relevant research on the economic consequences of managerial capabilities, and provides new ideas for improving the information content of company-level traits in the stock price and reducing the synchronicity of the stock price, which is of great significance for improving the efficiency of capital market allocation. Keywords： Managerial Ability; Media Coverage; Stock Price Synchronicity IV 目录 摘要.. I ABSTRACT ..................... II 第1章 导 论..................... 1 1.1 研究背景和意义 .... 1 1.1.1 研究背景......... 1 1.1.2 研究意义......... 2 1.2 文献综述 ................ 4 1.2.1 管理者能力的相 关文献................ 4 1.2.2 股价同步性的相关文献................ 5 1.2.3 媒体报道与资本市场的相关研究 8 1.2.4 文献述评....... 10 1.3 研究内容与方法 .. 10 1.3.1 研究内容....... 10 1.3.2 研究方法....... 11 第2章 相关概念与理论基础...................... 13 2.1 相关概念 .............. 13 2.1.1 管理者能力的界定及衡 量方法.. 13 2.1.2 媒体报道概念界定及度量方法.. 15 2.1.3 股价同步性的内涵及度量方法.. 16 2.2 理论基础 .............. 18 2.2.1 委托代理理 论.............................. 18 2.2.2 资本市场有效理论...................... 19 2.2.3 信息不对称理论.......................... 20 2.2.4 行为金融理 论.............................. 20 第3章 理论分析与研究假设...................... 22 3.1 管理者能力对股价同步性影响机理分析 ........................ 22 3.2 媒体报道调节作用的路径分析 ......... 23 3.2.1 基于信息媒介视角的路径分析.. 24 3.2.2 基于声誉约束视角的路径分析.. 25 3.3 研究假设 .............. 26 3.3.1 管理 者能力与股价同步性.......... 26 3.3.2 媒体报道的调节效应.................. 27 V 第4章 研究设计........... 28 4.1 样本选取与数据来源 ......................... 28 4.1.1 样本选取....... 28 4.1.2 数据来源....... 28 4.2 变量定义 .............. 28 4.2.1 主要研究变量.........................