资本市场中的社会关系与政治地理中的资本市场：来自中国的理论与实证

Since 2008, western academics turned their attention to the impact of social ties on the behaviors of capital market participants, and it has become a research hotspot recently. In Chinese society, "social network" and "ties" are much more emphasized. Social tie is the possible channel for the flow of private information.In this paper, we firstly discuss social ties in capital market and their market influence. We hand collect the information of various market participants from their resumes and do researches on the influence of executives' social ties on their compensation, company performance and risk preference, and the influence of the social ties between company boards and management on corporate governance efficiency. Furthermore, we discuss the influence of social ties (school ties) between fund managers, CEOs, security analysts and sponsor representatives on their market behaviors (interest conflict, informed trading, information leakage, collusion). Based on these, we expand our research of social ties from personal micro level to prefectural macro level. Making use of the resume of local officials and constructing political resource index, we study officials intervene and political geography factors' influence on capital market. Moreover, we discuss the characteristics of local officials and local political resources' impact on local company listings (IPO upsurge), evaluation of listing companies and their investing and financing activities, and investigate political factors' market distortion mechanism and its expressions.

2008年以来，西方学者开始关注社会关系对资本市场各类参与主体行为的影响，并日渐成为研究热点。中国社会更重视"人脉"与"关系"，社会关系是私人信息传递的可能渠道。我们首先研究资本市场中的社会关系及其市场影响，利用手工收集的各类市场主体的简历信息，研究公司董事和CEO的社会关系对其自身薪酬、公司业绩和公司治理的影响；研究基金经理、公司高管、证券分析师和保荐代表人两两之间的社会关系（校友关系）对其市场行为（利益冲突、知情交易、信息泄露等）的影响。在此基础上，我们将社会关系由人际层面拓展到区域层面，利用各级官员简历信息并构建地市政治资源指数，研究官员干预与政治地理因素对资本市场的影响，探讨地方官员特征和地方政治资源对地方企业上市（IPO热潮）、地方上市企业股票定价和公司金融的影响。本项目对中国资本市场中的社会关系及其推动的信息和资金流、政治地理导致的市场机制扭曲的研究具有现实意义和理论价值。

2008年以来，西方学者开始关注社会关系对资本市场各类参与主体行为的影响，并日渐成为研究热点。中国社会更重视"人脉"与"关系"，社会关系是私人信息传递的可能渠道。我们首先研究资本市场中的社会关系及其市场影响，利用手工收集的各类市场主体的简历信息，研究公司董事和CEO的社会关系对其自身薪酬、公司业绩和公司治理的影响；研究基金经理、公司高管、证券分析师和保荐代表人两两之间的社会关系（校友关系）对其市场行为（利益冲突、知情交易、信息泄露等）的影响。在此基础上，我们将社会关系由人际层面拓展到区域层面，利用各级官员简历信息并构建地市政治资源指数，研究官员干预与政治地理因素对资本市场的影响，探讨地方官员特征和地方政治资源对地方企业上市（IPO热潮）、地方上市企业股票定价和公司金融的影响。本项目对中国资本市场中的社会关系及其推动的信息和资金流、政治地理导致的市场机制扭曲的研究具有现实意义和理论价值。