| Security concerns the well-being of the people and the overall situation of economic and social development.In particular,China is in the transformation stage of national economy from high-speed growth to high-quality growth.Risk prevention and security have become the basis and premise of high-quality economic and social development.In recent years,China’s work safety related systems have been gradually improved,the responsibility chain has become increasingly clear,the supervision ability has been continuously improved,and the work safety situation is generally stable.However,it should also be noted that there are still shortcomings in safety production,and the safety production work is still in the climbing period and ridge crossing period.Listed companies in high-risk industries have the characteristics of high safety production risk,high accident rate and wide impact of damage,which should be paid more attention to in order to achieve safe development.Facing the higher requirements put forward by the new stage,new concept and new pattern,listed companies in high-risk industries should always tighten the string of safety,constantly increase safety investment,strengthen the implementation of responsibilities,and achieve preventive measures.At the same time,listed companies have the responsibility and obligation to fully and objectively disclose the company’s safety production related information to the public,and consciously resist non disclosure,less disclosure and false whitewash.As an important way for investors to understand the safety production status of Listed Companies in high-risk industries,safety information disclosure is a window to reflect the safety awareness,safety risk and safety level of listed companies,and plays an important role in evaluating the value and future development of listed companies.Stock price synchronization is an important index to measure the efficiency of resource allocation in capital market.As an emerging capital market in China,a large number of documents have proved that the fluctuation of stock price is driven by noise such as fanaticism and irrational investment.The disclosure of company specific information can enhance investors’ understanding of the company,reduce uncertain expectations,weaken the impact of noise such as irrational investment on stock price,and improve the synchronization of stock price.Stock price synchronization represents less noise and higher capital market information efficiency.At present,the research on stock price synchronization mainly covers the perspectives of enterprise characteristics,information intermediaries and information demanders.Among them,scholars have studied the impact of corporate trait information such as social responsibility information and environmental information on stock price synchronization.However,as an important characteristic information of listed companies,especially those in high-risk industries,no scholars have studied its impact on stock price synchronization,which provides a new perspective for this study.Based on the effective market theory,information asymmetry theory,signaling theory and stakeholder theory,this paper selects listed companies in A-share high-risk industries in Shanghai and Shenzhen from 2013 to 2020,analyzes and scores the safety information in the annual reports of listed companies by constructing the safety information disclosure index,and refers to the existing research,Using the model to calculate the stock price synchronization data,after screening and elimination,5568 company annual observations are obtained as samples.In the empirical analysis,this paper uses descriptive statistics,correlation analysis,multiple linear regression and grouping regression to verify the relationship between safety information disclosure and stock price synchronization of Listed Companies in high-risk industries,as well as the regulatory effect of analysts’ attention and the shareholding ratio of institutional investors on the relationship between them.In the further analysis,the intermediary effect of information asymmetry is verified.The conclusions of this study are as follows: first,the level of safety information disclosure of Listed Companies in high-risk industries is positively correlated with the synchronization of stock prices.The higher the level of safety information disclosure of Listed Companies in high-risk industries,the higher the synchronization of stock prices.Second,the positive correlation between safety information disclosure level and stock price synchronization of Listed Companies in high-risk industries decreases with the increase of analysts’ attention.For listed companies in high-risk industries with high attention of analysts,the positive impact of safety information disclosure on stock price synchronization is weakened.Third,the positive correlation between the level of safety information disclosure and stock price synchronization of Listed Companies in high-risk industries decreases with the increase of the shareholding ratio of institutional investors.For listed companies in high-risk industries with high shareholding ratio of institutional investors,the positive impact of safety information disclosure on stock price synchronization is weakened.The research conclusions of this paper have been tested by robustness,which proves the positive impact of safety information disclosure of Listed Companies in high-risk industries on stock price synchronization,as well as the regulatory role of analysts’ attention and institutional investors.Further research shows that information asymmetry has a significant intermediary effect between security information disclosure and stock price synchronization.Combined with the background of making every effort to build a new pattern of work safety governance in the new era,this paper explores the impact of safety information disclosure of Listed Companies in high-risk industries on stock price synchronization,as well as the regulatory role of analysts’ attention and institutional investors on the relationship between them,enriches the relevant research results of safety information disclosure and stock price synchronization,and also provides reference for relevant departments and listed companies to further strengthen work safety Strengthen information disclosure and other issues to provide reference. |
