A Study On The Effect Of Centrality Of Shareholders’ Common Shareholding Network On The Information Efficiency Of Stock Market

This paper selects shareholding data(CSI 300)of the Chinese stock market from2015-2021 to construct the top ten shareholders’ common shareholding networks and investigates the relationship between their four network centrality indicators and market information efficiency.It is concluded that nodes with higher shareholder network centrality occupy a more central position in the network and have a closer relationship with other nodes,and the homogeneity between companies in a closer network is higher,and the boundaries of companies become more blurred,which makes information exchange between companies more frequent and information flow faster,while homogeneity and convergence lead to lower information content.In other words,shareholder network centrality has a positive effect on the speed of information flow and a negative effect on the information content of stock price.In addition,by testing the heterogeneity of property rights and industries,this paper concludes that under different property rights,degree centrality and intermediary centrality with directness still have significant positive effects on the speed of information integration into stock price and significant negative effects on the information content of stock price,while the effects of intermediary centrality and characteristic vector centrality with indirectness become worse.The four centrality indicators remain significant in different industries,indicating that the effect of centrality remains largely unchanged in different industries.This study examines the influence of large shareholders on information flow in the market from a network perspective,providing a new perspective for research and a reference for the policy regulation of China’s stock market.