Research On The Quality Of Information Disclosure,Analysts' Concern And Stock Price Synchronicity

In the capital market,how to realize the effective allocation of resources has always been an important issue for scholars,and the information content of stock price is the key factor affecting the efficiency of the allocation of resources in the capital market.Stock price synchronization which indicates the phenomenon that individual stocks rise and fall with the market,is the main index to measure the information content.At present,there are two opposite views on stock price synchronicity: information view and angiography.In developed capital market,because of the strong market effectiveness,the company's special information affects the stock price.The more information contained in the stock price,the lower the stock price synchronization,the more effective the market.However,as a new and transitional dual market,China's securities market,especially the small and medium-sized board market,has a large number of small and medium-sized investors.A large amount of noise affects the stock price,indicating that China's stock market is immature and inefficient.In this context,what is the relationship between stock price synchronicity and market efficiency? How will the quality of information disclosure and analyst concern affect estimation synchronicity?In view of these questions,this paper adopts the method of theoretical verification.Firstly,this paper theoretically expounds the influencing factors of stock price synchronization: information view and noise view,the relationship between information disclosure quality,analyst concern and stock price synchronization;secondly,this paper adopts the small and medium-sized board market data from 2013 to 2017,uses empirical model to analyze the quality of information disclosure and analyst concern.There are several conclusions: the quality of interest disclosure,analysts' attention can effectively improve the synchronization of stock prices by reducing market noise,and analysts' attention can weaken the relationship between information disclosure and stock price synchronization.It is further found that the quality of information disclosure is divided into two groups.The quality of information disclosure is lower,the effect of increasing analysts' attention on the synchronization of stock prices is more obvious.Thirdly,due to the unbalanced distribution of property rights structure in the SME market,the number of state-owned listed companies accounts for only one sixth.Therefore,this paper will further distinguish between state-owned enterprises and non-state-owned enterprises,and analyze their impact on the quality of information disclosure,analysts' concernand stock price synchronization.It is found that the above conclusions are obtained in non-state-owned enterprises.Finally,after robustness test,the conclusion of this paper is still established and policy recommendations are put forward.The contributions of this paper include three points.Firstly,it provides a new basis for the positive response of stock price synchronization to market efficiency;secondly,it enriches the theoretical research on the relationship between the quality of information disclosure and analysts' concern on stock price synchronization;thirdly,it studies the moderating effect of the quality of information disclosure and analysts' concern on the synchronization of stock price volatility.