公司地理位置与股票横截面收益率--基于我国A股2000-2015年经验证据的研究

Unlike the regular economics and market system of the United States and other developed countries, the traditional finance theories were not sufficient to interpret research on deviation of stock returns. And then it became necessary to introduce the study of behavioral finance into this question. Geography in China covers a wide range of factors that cannot be explained by traditional financial theories, such as the development of regional economic, policy levels, human resources, the environment of finance, and so on, which has a significant impact on corporate earnings in the non-perfect competitive environment of China. Theories research had found that, geographic factors usually have impact on investors' non-rational behavior deviation or companies' delegate agent problem, which both will reflect in stock shares or returns rate. Thus, in this paper, we think geographic factors will influence the deviation of stock returns finally. Based on this, this paper mainly research the influence between geography and stock returns.We then use the conditional characteristics model to test the conditional characteristics effects of geographic factors, and found that the companies have extreme scale, new for listed, high fluctuation, low profit or high growth will be sensitive to geographical factors.Finally, we put up our recommendations, which include bridging the uneven geographical development, establishing suitable policy with local conditions.