The Research Of Equity Structure Of Listed Companies In Our Country On The Impact Of Stock Price Synchronicity

Stock price synchronicity is a kind of phenomenon that,over a certain period of time,most of the stock prices to rise or fall simultaneously.And the size of the stock price synchronicity,to a certain extent,reflects the capital market maturity of a country or a district.A higher stock price synchronicity shows that the company’s stock price is more affected by the factors of industry or market,and less to reflect the company’s quality information,thereby ineffectively reflecting the value of the company,distorting the function of capital market.Capital markets through the stock price signal mechanism to achieve the optimal allocation of resources.In an efficient capital market,the stock price’s message to guide the rational allocation of resources.Compared with the emerging capital market,the stock prices of the mature capital market can deliver more company information,so as to found the company’s intrinsic value,to achieve the optimal allocation of resources.China’s capital market,as an emerging capital market,has the higher stock price synchronicity.From the start of "Reform cattle",in the second half of 2014,until June 2015 "De-leverage" caused the stock market crash,"The rise and fall simultaneously" and "Sector rotation" of the stock price of listed companies reflects that the China’s capital market has the higher stock price synchronicity.What are the factors that affect the stock price synchronicity? In this paper,through collecting and organizing a lot of academic papers,my paper about "Relationship between ownership structure and stock price synchronicity.In this paper,to study the effect of ownership structure on the stock price synchronicity,equity structure is split into ownership concentration and equity balance degree and equity properties,and from these three aspects to study the relationship about stock price synchronicity.Based on listed companies of the Shanghai stock exchange as research samples,using data from 2007-2015,through regression analysis,studied the equity structure of listed companies in our country’s influence on stock price synchronicity,and drew the following conclusions.First,in addition to the effects of a bull market and bear market,China’s stock market stock price synchronicity to reduce gradually.The factors of market and industry,impact on stock price synchronicity in gradually weakening,the fluctuations of stock price increasingly reflect the company’s information.Second,the ownership concentration is negatively related to stock price synchronicity.When the equity concentration is higher,although big shareholder has the "empty" behavior,but is more consistent with the interests of minority shareholders.Third,different attributes of the equity shareholders had different impact on stock price synchronicity.Fourth,equity balance degree is negatively related to stock price synchronicity,and under different ownership property in the largest shareholders,the influence of other shareholders to the largest shareholder is different from the perspective of equity balance degree.