Research On Media Reports,Information Transparency And Stock Price Synchronization

Stock price synchronization is a "signal light" to measure the information efficiency of capital market and the efficiency of resource allocation,and it has become a hot research field in finance and behavioral finance in recent years at home and abroad.In reality,our country's A-share capital market is different from Western developed countries.The stock price synchronicity is still high in comparison,and the efficiency of resource allocation is not satisfactory.The advent of 5G accelerates the speed of information dissemination,and mass information makes information audiences overwhelmed.As an important information intermediary,the media has professional advantages in information mining,information integration and processing,and information transmission.As the core factor affecting the synchronization of stock prices,information transparency cannot be ignored either.Therefore,this article takes all non-financial listed companies in China's domestic A-shares from 2010 to 2019 as the object,based on the efficient market hypothesis and information asymmetry theory,combined with theoretical analysis and empirical analysis,to study the relationship between media reporting,information transparency,and stock price synchronization in China,the emerging capital market.And the article further analyze whether there are differences in the impact of different ownership properties on the above relationship.The study found that:(1)Media reports are significantly negatively correlated with the synchronization of stock prices.The more media reports,the more information barriers between investors and the company can be resolved,so that ordinary investors have more channels to quickly understand all aspects of the company and make quick investment decisions.Thereby more company-level specific information is promoted to integrate into the company's stock price,the price synchronization reducing.(2)Information transparency and stock price synchronization are significantly positively correlated.The strength of the actual capital market has not reached a sufficient level of effectiveness.There are still a lot of noise in the capital market rather than just full of all kinds of real,effective and reliable information.In an environment with low information transparency,investors can only make stock investment decisions based on extremely limited information.The behavior is usually irrational and it is reflected in the stock market that individual stock prices fluctuate sharply and the synchronization of stock prices decreases.(3)Media reports can effectively eliminate some high information barriers caused by low information transparency,promote the company-specific information in the capital market disseminate and integrate into the stock price,reducing the synchronization of stock prices.(4)Further research from the perspective of the difference in the nature of ownership found that media reports have a relatively smaller influence on the synchronicity of stock prices of state-owned enterprises,and information transparency has a greater influence on the synchronicity of stock prices of state-owned enterprises.However,high information transparency in non-state-owned enterprises has a relatively greater offsetting effect on media reports After the robustness test,the above conclusion is still valid.Starting from the perspective of information transparency,this article studies the influence of media reports on the synchronization of stock prices.While providing new research perspectives,this paper enriches relevant theoretical research on the synchronization of stock prices.The research results of this article provide theoretical support for relevant government departments and regulatory agencies to promote the reform of the media industry,improve the quality of information disclosure,and deepen the reform of state-owned enterprises.The research also has a certain degree of guiding significance in reducing the synchronization of stock prices,releasing the vitality of the market economy in a deeper level,and giving full play to the socialist economic system with Chinese characteristics.