| Effective allocation of resources is the embodiment of efficient operation of the securities market.Whether the stock price can truly reflect the situation of the enterprise determines whether it can guide resources to achieve effective allocation,that is,information efficiency is the basis and prerequisite of functional efficiency.An effective securities market can effectively process and transmit information through the stock price,so as to guide capital to achieve the best economic use.Therefore,the role of information efficiency in the operation of the capital market is very important.Therefore,the study of information efficiency has become the focus of attention from all walks of life.Stock price synchronization refers to the phenomenon of co-rising and co-falling between stocks or between stocks and the market over a period of time.Stock synchronization depends on how much corporate and market information is reflected in the stock price.If the stock price reflects more information that reflects the specific situation of the company,it reflects the low synchronization of the stock price Therefore,the synchronization of the stock price can be used as an indicator of the information efficiency.It is an important issue in portfolio analysis and asset pricing,and it is also essential for the study of market efficiency and resource allocation efficiency.Morck Yeung(2000)found that,in the first 26 weeks of 1995,more than 80%of China’s stocks,as an emerging market,tended to move in the same direction in one week.Using the weekly data of 1995,it was found that 79%of China’s stocks had the same trend every week on average,with stock price synchronization in 40 sample countries.Second,it shows that China’s stock price has a high synchronization,and the stock price reflects the characteristics of the company level less information.Investors include institutional investors and individual investors,which are often classified as information traders because they are more able to obtain more resources and information,and their processing ability is better than that of individual investors,and their transactions are more rational.The participation of institutional investors in the stock market can increase the content of company-specific information in the stock price,thus helping to reduce the synchronization of stock prices.China’s stock market is dominated by individual investors.In the stock market crash of 2015,the national team entered the market in large numbers and occupied a larger circulation share in the stock market.It played an inestimable role in stabilizing the stock market.However,after the stock market crash,it did not exit the stock market late.It was active in the stock market and traded frequently,playing the role of institutional investors.What role does team ownership and trading play in the synchronization of stock prices and whether they can reduce the synchronization of stock prices like other investors deserve our study.Therefore,from the perspective of national team ownership and trading,this paper studies the role of national team in the synchronization of stock prices.The results are as follows:when the proportion of national team ownership is high,it can effectively reduce the synchronization of stock prices.Compared with the national team’s stock ownership,the national team’s trading is more significant in reducing the synchronization of stock prices;at the same time,this paper examines the asymmetric effects of the increase and decrease of the national team’s stock ownership,and finds that the increase of the national team’s stock ownership is based on information-driven,while the decrease of the national team’s stock ownership is more based on resource allocation,and the increase of the stock ownership can better reduce the synchronization of stock prices and improve stock price information Efficiency;Long-term holding can help people pay more attention to the released company’s specific information and reduce the synchronization of stock prices than the short-term frequent warehousing of the national team;at the same time,the influence of organizational form on the synchronization of stock prices is examined,and it is found that the reduction of synchronization of stock prices of state-owned holding enterprises is more obvious by the national team trading.Finally,the robustness test is made for the size of the company.The results show that in the large-scale shareholding ratio,it is found that the national team’s shareholding and trading can effectively reduce the stock price linkage.In a word,the stock ownership and trading behavior of the national team promotes the absorption of the specific information of the company by the stock price,reduces the linkage of the stock price. |
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