| As the economy develops and the demand for resource allocation efficiency increases,my country’s capital market development system reform needs to be further optimized.One of the effective ways to improve resource allocation efficiency is to reduce stock price synchronization.Stock price synchronization refers to the correlation between company stock prices and market stock price fluctuations.When the synchronization is too high,the transparency of company information is low,and less company-specific information is injected into the stock price,resulting in inefficient resource allocation.At the same time,it indicates that the stock price does not fully and effectively reflect the company-level specific information,causing investors to be unable to understand the company.The actual daily operation of the company.From the perspective of the capital market,the characteristics of the Chinese stock market are: low transparency of information disclosure,less absorption of company-specific information in stock prices,inefficient allocation of resources in the capital market,and significantly different capital markets.At the same time,there are many problems.The efficiency of information disclosure is low,and the phenomenon of stock prices rising and falling is serious.Therefore,exploring the impact of the specific dimensions of internal control information disclosure,increasing the company’s characteristic information content,reducing the synchronization of stock prices,and improving the efficiency of company resource allocation have become research hotspots.In order to improve the transparency of corporate information,the stock price fully reflects the market value.In 2008,the five departments of China Securities Regulatory Commission,China Banking Regulatory Commission,China Insurance Regulatory Commission,National Audit Office and the Ministry of Finance jointly issued the "Basic Norms for Internal Control of Listed Companies." In 2010,the Chinese government further strengthened the company’s internal control and control in accordance with market development,and issued the "Guidelines for the Internal Control of Listed Companies." The academic research mainly focuses on the impact of internal control information disclosure on financial indicators,and the synchronization of stock price changes under different circumstances of the quality of internal control information disclosure,the impact of the age and educational background of the management of internal control institutions on the synchronization of stock prices,etc.Based on the completion of mergers and acquisitions and reorganization,the analysis of internal control information disclosure has less impact on the stock price synchronization of listed companies.Therefore,on the basis of previous studies,this article studies the impact of internal control information disclosure and its five dimensions on the stock price of listed companies in mergers and acquisitions.Synchronization impact.First,based on the effective theory of the capital market,the principal-agent theory and the signal transmission theory,the internal control information disclosure and the five-dimensional research on the synchronization of stock prices are carried out.Second,the sample selected the listed companies that completed mergers and acquisitions in 2008-2019,and proposed internal control information disclosure and related assumptions about the five dimensions of stock price synchronization.The stock price synchronization index SYN was selected as the explained variable,and the internal control information information The indicators of disclosure and five dimensions are explanatory variables,and the research variables are quantified.Then,using the stock price synchronization index SYN,internal control information disclosure and five dimensions ICID to build a model,descriptive statistical analysis,correlation analysis,and regression testing are performed about the sample data.Finally,the robustness test is done through the regression model to further verify that the hypothesis is basically valid.The research conclusions are as follows:(1)The total level of internal control information disclosure is negatively correlated with the synchronization of stock prices.(2)The level of information disclosure of control activities is negatively correlated with the synchronization of stock prices.(3)The level of internal environmental information disclosure is negatively correlated with the synchronization of stock prices.(4)The level of internal supervision information disclosure is negatively correlated with the synchronization of stock prices.(5)The level of risk assessment information disclosure is negatively correlated with the synchronization of stock prices.Based on the above research results,this article proposes the following countermeasures:First,from the perspective of corporate governance,strengthen the construction of the internal control system,and improve the corporate governance structure and internal control system.Further improve the quality of internal control information disclosure and increase information transparency,in order to reduce information asymmetry,inject more companyspecific information into stock prices,and further reduce the impact of other factors on stock price synchronization,thereby reducing stock price synchronization and improving market resource allocation efficiency.Secondly,from the investor’s perspective,so as to information should be screened from multiple perspectives to avoid blindly following the trend and move forward a single step improve the accuracy of investment decisions.Given that small and medium investors in the securities market lack professional investment knowledge and experience,it is necessary to strengthen the learning of professional investment knowledge,improve the ability to identify risks,and rationalize their investment decisions.Finally,the government should establish a sound market supervision mechanism in order to protect the interests of investors in investment activities. |
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