Media Concern,Accounting Informational Quality And Stock Price Synchronization

Stock price synchronicity refers to the phenomenon that the stock price increases and decreases in the capital market,that is,whether the stock price fluctuation of a single company and the average fluctuation of the market exist the phenomenon of the same increase or decrease.Whether the stock price synchronicity is high or low reflects to some extent whether the stock price information content contains more or less company characteristic information.If the stock price information is more composed of the company characteristic information,then the stock price information is more composed of the market and the industry information,the stock price synchronization will be reduced and the resource allocation efficiency will be improved compared with the stock price information more composed of the market and industry information.Compared with developed countries,the stock price synchronization of listed companies in China is still in a relatively high state.Therefore,we should think about how to reduce stock price synchronization.Media play an important role in capital markets mainly because they can deliver information.The information transmitted by the media plays an important role,such as affecting the efficiency of asset pricing and supervising the governance of the company.The information of listed companies is transmitted to the public by the news media.Instead of making investment decisions on the basis of market and industry information,investors make relevant analysis and investment based on the information received by the media.The media report on the company information will affect the stock price of the company to some extent.The more the media report the company's information,the more it can make the fluctuation of the company's stock price different from the fluctuation of the stock price of the market and the price of the industry stock.Lattice fluctuations,such a share price synchronization is naturally at a lower level.In addition to the media can spread information,the quality of accounting information is also one of the ways to disseminate corporate information.The quality of corporate accounting information is proportional to the company's voluntary disclosure of corporate information.Once the company's accounting information quality is good,the company will voluntarily and willingly disclose accounting information,on the other hand,it will hide the accounting information of the company.After the company discloses the information,the investor can receive the disclosed information and analyze and judge the information before making the investment decision,so that the decision is rational,and the rational decision can be made.Improve the efficiency of resource allocation.Investors make decisions according to the characteristics of the company rather than according to market noise.Such investment decisions can correctly reflect the content of stock price information and make the stock price in a relatively rational state.However,at present,there are not many researches on the relationship between media attention and stock price synchronization,and there is no research on stock price synchronization from the angle of accounting information quality.Based on China's national conditions,this paper studies the relationship among media concern,accounting information quality and stock price synchronization.This paper makes use of the data samples of the listed companies in 2015-2017.In this paper,the relationship between the media attention,the quality of accounting information and the synchronicity of the stock price is explored by means of the combination of the theory and the demonstration,and the following conclusions are drawn.First,the relationship between media attention and stock price synchronization is a significant negative correlation.This is to a certain extent that the media attention can reduce the synchronization of the stock price,the information of the media reports has a certain influence on the company's characteristic information in the listed company's flow information,can reduce the synchronization of the stock price,and has positive and positive effect on the market resource allocation efficiency;and the second,The quality of accounting information and stock price are the same as The relationship between step and step is significantly negative correlation.Which means the effect of the quality of accounting information on the synchronization of stock price and the effect of media attention on the synchronization of stock price is the same,and the quality of accounting information can also reduce the synchronization of stock price;and thirdly,The quality of accounting information plays an important role in the relationship of media attention to the synchronization of stock price.It is not an alternative,and the combination of the quality of accounting information and media attention can provide more information on the company's characteristics,which is more beneficial to reducing the synchronization of the stock price.At the same time,in the further analysis of the article,it is found that the non-financial media coverage and the accounting information quality have a more significant impact on the stock price synchronization than the financial media coverage and the quality of the accounting information.The main research significance of this paper lies in the analysis of the data of listed companies in China,and the conclusion is as follows: increasing the media's attention to the company and improving the quality of accounting information of the company can reduce the synchronization of the stock price,This conclusion is of great significance to improve the efficiency of resource allocation.We can reduce the stock price synchronization by increasing the media coverage and improving the quality of accounting information,so as to improve the efficiency of resource allocation.It can be seen from this that at this stage,China can combine the external governance method of increasing the media coverage on the company with the internal method of improving the quality of the company's accounting information.The degree reduces the stock price synchronization,makes the capital market resource allocation efficiency reaches the optimum.