The Research Of Management Level And Stock Mispricing

The ability of managers refers to their capacity to effectively use enterprise resources to create value.This article focuses on the mispricing of corporate stocks and systematically analyzes the impact of managerial ability on the efficiency of capital market pricing.After a comprehensive review of a large number of previous studies,this article found that existing research mostly focuses on reducing agency costs and mitigating information asymmetry,while the behavior of managers is limited within the analytical framework,analyzed based on the decision-making of homogeneous rational actors.Therefore,this article considers the heterogeneity of managers and explores whether the level of managers in listed companies has a different impact on stock mispricing under different property rights,ownership concentration,and institutional environments.This article constructs variables based on the data of relevant listed companies from 2010 to 2020 and reasonably measures the level of managers and stock mispricing according to previous literature.Through empirical analysis,this article finds that managerial ability can significantly suppress the degree of stock mispricing,thereby enhancing the efficiency of resource allocation in the capital market.This suppression effect is mainly reflected in non-state-owned enterprises with low ownership concentration and a high institutional environment.Further research shows that the heterogeneous beliefs of investors and earnings management play an intermediary role in the ability of managers to suppress stock mispricing.This article analyzes the role and influence path of managers in stock mispricing from the perspective of managerial ability,enriches the literature on the economic consequences of managerial ability,and also opens up a new perspective for the study of risk factors affecting stock mispricing.The research provides a basis and reference for the scientific use of entrepreneurial funds,the encouragement of entrepreneurial innovation,the reduction of company stock misvaluation risks,and the protection of the stable and healthy development of China’s capital market.