Research On The Relationship Among Corporate Governance,Investors' Heterogeneous Beliefs And Stock Investment Risk

In recent years,with the theory and practice of corporate governance research deepening,there are more and more researches on its economic consequences.Whether large-scale group enterprises or small and medium enterprises,corporate governance level is not only related to the interests of stakeholders,but also related to the future development of enterprises.At present,the research on corporate governance mainly focus on the innovation of corporate governance and corporate governance evaluation method related theory,but the related measures of corporate governance are not systematic enough,resulting in ineffective levels of actual governance.At the same time,with emerging economy of China,the capital market maturity of China still has a large gap with developed countries,the lower capacity of governance of listed companies in China and many other influential factors caused this situation Asymmetric information between listed companies and external investors increased investment risk.In theory,the thesis clarifies the inherent mechanism of corporate governance,investors' heterogeneous beliefs and stock investment risk,enriching the research contents in this field.In practice,introducing the investors' heterogeneous belief as an intermediary variables between corporate governance and stock investment risk,it expands the scope of research on the governance of listed companies in Chinese capital market,and provides a new way of thinking to improve the governance capacity of listed companies in China and decrease the risk of stock investment.This thesis takes the Shanghai and Shenzhen A-share listed companies from 2011 to 2015 as the object of research,using the methods of normative research and empirical research to explore the internal mechanism of corporate governance,investors' heterogeneous beliefs and stock investment risk.First of all,the thesis combs and analyzes the relevant literature at home and abroad,and expounds the relevant theories.On this basis,the four research hypotheses are put forward.Secondly,the thesis mainly selects six variables of the proportion of the largest shareholder,the proportion of the second largestshareholder,the proportion of independent directors,the number of the board of directors,the management ownership ratio and the ultimate controller of the nature from the four aspects of ownership structure,board of directors,management incentive and ultimate controller,using the principal component analysis to construct corporate governance index.It selects the standard variance of turnover and annual income of stock as an indicator of investors' heterogeneous beliefs and stock investment risk.It constructs structural equation model of corporate governance index,investors' heterogeneous beliefs and stock investment risk,using descriptive statistical analysis,Pearson correlation coefficient test and other statistical methods to analyze and test the relevant variables,using the multiple linear regression method to make a regression analysis on the relations among the three variables,using substitute variables to make a robustness test of the regression result.Finally,according to the empirical results of this thesis and the status of Chinese stock market,it puts forward to some constructive suggestions.The empirical results show that corporate governance is negatively correlated with investors' heterogeneous beliefs and stock investment risk.Investors' heterogeneous beliefs are positively correlated with stock investment risk.Investors' heterogeneous beliefs are intermediary variable between corporate governance and stock investment risk.