An Empirical Study On The Relationship Between Accounting Information Quality,Media Attention And Stock Price Synchronization

China’s capital market has experienced more than 30 years of development,and researches on China’s capital market are emerging one after another.China’s capital market is affected by many factors such as national policies and development environment,and has many different characteristics from the capital markets of western developed countries.In the face of the sudden outbreak of the new coronavirus epidemic in 2020,the capital markets of various countries have also shown a decline in varying degrees.Based on this,this article explores the relationship between the quality of corporate accounting information and the synchronous fluctuation of stock prices.According to information asymmetry theory and private information transaction theory,this paper conducts hypothesis deduction through literature review and logical derivation.This paper uses a total of 8762 annual data of listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2020 as a research sample to explore the impact of the correlation between accounting information quality and stock price synchronization,and to explore the moderating effect of media attention on the relationship between the two.In this paper,the model is endogenous to ensure the robustness of the results.This paper also conducts a heterogeneity study on the sample to explore whether the nature of the firm and the industry has a significant impact on the results.The research results of this paper show that the quality of accounting information will have an impact on the synchronization of stock prices.The more perfect a company’s accounting information is,the higher the synchronization of its stock prices;the more frequently reported by the media,the quality of its accounting information will affect the synchronization of stock prices.The positive promotion effect will be strengthened;the reputation of state-owned enterprises and non-state-owned enterprises are different,and their performance in the capital market is also different,which makes the media attention of non-state-owned enterprises have no significant impact on the price transmission mechanism of accounting information,while in state-owned enterprises,media attention has a significant moderating effect on the relationship between accounting information quality and stock price synchronization.This paper finds that the impact of accounting information quality on stock price synchronicity is positive in both state-owned and non-state-owned enterprises.This paper finds that the media attention of the media industry and the non-media industry is quite different.In the non-media industry,the relationship between accounting information quality and stock price synchronization is positive,but in the media industry,the two have no correlation,and in the non-media industry The media attention in the industry has a positive effect on the quality of accounting information and the synchronization of stock prices,but the effect is not significant in the media industry.This paper verifies the characteristics of China’s capital market,and enlightens investors to pay attention to the importance of the quality of corporate accounting information,so as to make investment and transaction decisions more effectively,thereby promoting the rational and effective allocation of resources in China’s capital market.This paper makes a heterogeneity study on the nature of enterprises and industries,puts forward regulatory suggestions for the media industry,and puts forward corresponding regulatory suggestions for financial news reports,so as to promote the symbiotic development of China’s capital market and the media industry,so that they can jointly contribute to the development of China’s capital market.Using the private information transaction theory,this paper proves that the information efficiency school is not suitable for China’s capital market economic environment,and enriches the research on stock price information efficiency in China’s market environment.This paper takes media attention as one of the key factors affecting the entire information transmission process to enrich the research on information transmission channels in China’s capital market,and also contributes to revising the meaning of the R-square in China’s capital market.