| The stock price reflects the investment value of the listed company,which represents the sum of investors’ expectations on the future performance of the investment target and the result of all comprehensive information exchange.It is also the transmission embodiment of the market’s reasonable resource allocation function.Stock price synchronicity measures the convergence of individual stock prices along with the market index and has become an important index to measure the information efficiency of the stock market.Based on the current level of China’s economic development,the constantly expanding Chinese market has a high level of stock price synchronization.It is not conducive to the integration of other multi-source information,and will hinder the play of capital flow and allocation.Therefore,how to correctly reflect the company’s unique information and strengthen the market price mechanism to guide the allocation of resources is one of the hot issues in the current academic circle.As one of the main types of public information in the market,the quality and disclosure efficiency of accounting information directly and effectively reflect the level of the company’s heterogeneous information,and affect the content of effective information that investors can obtain.It is of great significance to improve the level of market information,enrich the content of information,help t he stock price out of its due trend,and thus reduce the synchronicity of stock price and stabilize the healthy development of the market.Accounting information transparency refers to the company’s accounting information quality measurement system formed after using the dynamic publicity and disclosure of the company’s multi-faceted information,filtering the scale and business direction of different companies,neutralizing the interference and destruction of market order caused by false and bad inducing information in the market,and eliminating subjective and non-effective whitewashing performance factors.However,at present,there are few studies in academia that focus on exploring the correlation between corporate accounting information transparency and stock market synchronization.Therefore,from the perspective of accounting information transparency,it is an innovative research direction to explore its influence mechanism and effect on stock price synchronization.Based on the relevant data of 2,170 Chinese A-share listed companies in from 2013 to 2021,this paper comprehensively measures the transparency of accounting information from the two aspects of earnings radicalization and smoothness,and uses empirical analysis to explore its influence on the synchronization of stock price.Based on the theoretical research of behavioral finance,this paper explores whether the stock market liquidity has an intermediary effect on the mechanism by taking the turnover of individual stocks as an intermediary variable to measure market liquidity.The corresponding robustness test and instrumental variables were used to solve the possible endogeneity problems,and the regression results were consistent.The main conclusions are as follows:(1)Accounting information transparency has a significant negative adjustment effect on the synchronization of stock price.The higher the transparency of the accounting information,the lower the synchronicity of the stock price;(2)The reducing effect of accounting information transparency on stock price synchronicity has heterogeneity differences among different corporate entities;(3)Market liquidity has an intermediary transmission effect in the process of the influence of accounting information transparency on the synchronization of stock prices,that is,accounting information transparency will improve stock liquidity,and then reduce the synchronization of stock price. |
