Reseach On The Impact Of Shareholding Of "National Team" On The Synchronism Of Share Price

China began to develop the stock market in the 1990 s.Over the past 20 years of development,the scale of stock market has expanded rapidly with more and more listed companies.As the barometer of real economy,stock market has played an irreplaceable role in economic development.It can not only upgrade the financing structure and expand the financing channel for companies,but also optimize the alocation of resources and direct capital to companies with sound economic benefits.Information efficiency has played a key role in the operation of stock market.As a key indicator to measure the information efficiency of stock market,the synchronism of share prices refers to the degree of correlation between the stock price change of a single market and that of the whole market.High synchronism indicates obvious phenomenon of “going up and down together” in the stock market,more information at the market and industry level than peculiar company information in the stock price and low information efficiency of the stock market.The low synchronism,on the contrary,demonstrates that the stock price includes more peculiar information of the company with rational fluctuation of stock market and high information efficiency.A serious stock market crash swept Chinese A-share market in 2015.The phenomenon of “stock prices going up and down together” was very serious back then.To shore up the stock market,the “national team” invested with lots of money and released the liquidity,which has played a key role in stabilizing the financial market.After the crash,to stabilize the market,the “national team” didn't withdraw capital immediately.Instead the team remains active in the market until now and acts as the market stabilizer.As the institutional investor for the government to intervene the market,the impact of investment operations of the “national team” on market information efficiency is worthy of in-depth research.The essay introduces the shareholding ratio and shareholding volatility of the “national team” to depict the investment operations of the “national team” and introduces the synchronism of share prices to measure the market information efficiency.Shareholding data of the “national team” from the third quarter of 2015 to the second quarter of 2019 have been collected to build the multiple linear regression model and study the impact of shareholding ratio and shareholding volatility of the “national team” on synchronism of share price.According to the study,the shareholding ratio of the “national team” can obviously reduce the synchronism of share price,but shareholding volatility of the “national team” can't obviously reduce the synchronism of share price The essay has also studied the asymmetric impact of increasing and decreasing shareholding by “national team” on the synchronism of share price.Compared with decreasing shareholding,increasing shareholding by the “national team” can better reduce the synchronism of share price.The increasing driven by information can promote market efficiency and stabilize the synchronism of share price while the deceasing of shareholding does not have obvious stabilizing effect.The essay also studies the impact of shareholding of “national team” in different market segments on the synchronism of share price.According to the study,the shareholding in main board market will obviously reduce the synchronism of share price while shareholding in SMEs and Growth Enterprises boards can't obviously reduce the synchronism of share price.In the end,the essay offers suggestions on upgrading the capital market for the market participant based on the above research results.