Research On The Impact Of Private Security Investment Fund Shareholding Ratio On The Synchronism Of Stock Price

With the continuous improvement of Chinese national strength and the continuous development of the financial market,the importance of the security market is also becoming increasingly prominent.Among the numerous participants in the security market,private security investment funds,as an important part of institutional investors,have been increasingly concerned by the market in recent years.Based on the historical data of all A-share stocks from 2018 to 2021,this paper studies the impacts of the shareholding ratio of private security investment funds on stock price synchronization,in order to enrich the knowledge connotation of the academic topic of stock price synchronization.In this paper,the R-squared is used to measure the stock price synchronization,and based on this,a multivariate model of stock price synchronization is constructed,focusing on the qualitative and quantitative relationship between the shareholding ratio of private security investment funds and stock price synchronization.At the same time,the heterogeneity analysis was further subdivided into shareholding level,year and industry.Finally,turnover rate was introduced as an intermediary variable to verify its mediating effect in the above process.According to the research of this paper,there are positive and negative effects on the stock price synchronization of private security investment fund.The main findings of this paper include:First of all,at the whole market level,the shareholding ratio of private security investment funds has a negative effect on stock price synchronization,the higher the shareholding ratio,the lower the stock price synchronization.To be specific,the negative effect is significant for stocks with a high proportion of private equity investment funds,but not significant for stocks with a low proportion of private equity investment funds.From the point of view of time,this negative effect has gradually weakened in recent years.Secondly,from the perspective of different industries,the impact of private security investment fund’s shareholding ratio on stock price synchronization is quite different in different industries.For example,for the real estate industry,the shareholding ratio of private security investment fund has a weak positive effect on stock price synchronization,while for the industrial and material industry,there is a strong negative effect,for the medical security,public utilities industry,there is no significant effect.Finally,this paper uses turnover rate as an intermediary variable to conduct successive tests,and finds that the shareholding ratio of private equity investment funds has a positive effect on stock price synchronization through turnover rate.Specifically,shareholding ratio has a negative effect on turnover rate,and turnover rate has a negative effect on stock price synchronization.Therefore,the intermediary channel of turnover rate plays a masking effect and weakens the negative impact of private equity investment fund’s shareholding ratio on stock price synchronization through direct channels.The research on stock price synchronization is of both scientific and practical significance.I hope this paper will play a role in promoting further research.