| China’s capital markets,dominated by retail investors,are rife with irrational sentiment,opportunism is rife in the market.Such opportunism not only seriously hindered the rational allocation of funds in the market,but also became a major obstacle to China’s economic development at the present stage.It is different from the previous research on the individual institutional investors to stock price synchronization,this paper discusses the impact of institutional investor information network on stock price synchronization,which is of great significance to restrain irrational sentiment in capital market and improve market information efficiency.First of all,on the basis of sorting out relevant researches,the influence of institutional investor information network on stock price synchronization is clarified and a hypothesis is proposed.Secondly,according to the complex network theory and related research,the information exchange network of institutional investors is constructed,and the RC and CEN index are calculated to carry out empirical research on the stock price synchronization.Then the robustness test of this paper is carried out by using the stock price synchronization index calculated by various methods and the network index calculated by different heavy position standards,and the endogeneity test is carried out by using intra-group difference method and PSM method.Finally,in order to explore the role of institutional investor information network on stock price synchronization,this paper uses analyst forecasting accuracy as an intermediary variable to test.Considering the differences among different enterprises,this paper also conducted tests of various heterogeneity to explore the impact of individual differences on the conclusions of this paper.Through research,this paper finds that information exchange among institutional investors has an Significant negative effect on stock price synchronization,and also proves that information exchange and sharing among institutional investors is conducive to the improvement of information efficiency of capital market,and this conclusion remains robust to a variety of robustness tests.In addition,this paper further discovered the analysts forecast accuracy is one of channels of the impact of institutional investor information network on stock price synchronicity.Moreover,it is found that both the institutional investors who have information and the institutional investors who disseminate information have a significant positive effect on the synchronization of stock price,which also proves that the information exchange of institutional investors can improve the efficiency of market information.Finally,we find that information exchange in the institutional investor network has a significant positive effect on stock price synchronization in various heterogeneous situations.However,when the company is located in a region with a low legal level,or an enterprise with a high level of information disclosure,or when the market is down,or a company with a small market value,network centrality has a significant positive effect to stock price synchronization. |
PDF Full Text Request