A Study of the Influence of Strategic Differences on Stock Mispricing

Abstract

Abstract: The mispricing of stocks is a widely existed problem in the global capital markets. By making use of the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2003 to 2017, this paper empirically studies the impact of the degree of strategic differences on stock mispricing and its influencing mechanism. The findings show that the greater the degree of strategic differences, the higher the degree of stock mispricing will be. The degree of strategic deviance is more likely to lead to positive stock mispricing. The internal quality control can significantly inhibit the positive effect of strategic deviance on stock mispricing. The results of further research show that information asymmetry plays a part of intermediary role in the process of strategic deviance influencing stock mispricing. The impact of the degree of strategic differences on stock mispricing will decrease with the passing of time.

Key words: strategic differences, information asymmetry, stock mispricing, internal quality control

CLC Number:

F275.5

WANG Jun-ling, LI Hai-yan. A Study of the Influence of Strategic Differences on Stock Mispricing[J]. Contemporary Finance & Economics, 2020, 0(12): 125-136.

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