| Compare with the mature capital market,the stock market of China has a significant gap for the maturity of mechanism,laws and regulations and investors.As a result,it shows highly stock price synchronicity in a long term,which reduce the effectiveness of the stock market and makes stock market less conductive to realize its price discovery function and resource allocation function,even greatly influence the healthy and steady development of the capital market.Which trend of the stock price synchronicity show in the nearly last ten years?Whether securities fund investors play a positive role in stabilizing the market has been a hot problem.This paper bases on the specific characteristics of securities fund investors and the ownership structure of the listed companies in China to explore relation between securities investment fund’s shareholding and the stock price synchronicity.According the conclusion,this paper makes relevant recommendations aiming to reduce the synchronization and improve the operating efficiency of capital market in China.Based on the literature analysis of the synchronization of the securities investment fund and the stock price,This paper analysis the stock ownership and trading behavior of investors.Combing the influence mechanism of investors in securities funds on the stock price synchronicity,the types of investors,the nature of controlling shareholders and the ownership concentration are explored.This paper chooses the panel data of Chinese A-share listed companies over 2005-2015 period.The sample are deviled to several groups,the associations between the stock price synchronization and securities fund investors’ shareholders of these groups are tested.The results show that,securities investment fund holdings can significantly reduce the stock price synchronicity in the whole.Secondly,long-term investor could reduce the stock price synchronicity effectively,while short-term investor couldn’t.Considering the nature of the listed companies’ largest-shareholder,securities fund investors have a more significant negative influence on stock price synchronicity in the state-owned listed corporation than in the non-state-owned listed corporation.Besides that,there exists a significant interaction effect of ownership concentration and securities fund investors,Ownership concentration weakens securities fund investors’ negative effects on the stock price synchronicity.According to the conclusion drawn by theoretical and empirical analysis,this paper proposes several recommendations.The government should continuing promote the system construction of stock market,improving the securities fund investors’ quantity and quality.More efforts should be taken into the processing of state-owned enterprises’ reformation and the construction of the listed companies’ ownership structure. |
PDF Full Text Request