The Impact Of The Position Of The Structure Hole Of Chinas Listed Companies On Comovement

The network relationship of stocks held by hedge funds is an important part of the relationship network.It can promote the transmission and exchange of private information owned by shareholder investors among stocks through a mechanism that affects the acquisition of stock specific information,and to a certain extent.Will affect the stock linkage of related listed companies.After the explosive growth after 2014,Chinese hedge funds have become a new class of important institutional investors.Unfortunately,there is still a lack of cross-examination of the existing hedge fund shareholding relationship network and stock price linkage.Based on the cross-disciplinary perspective of multidisciplinary integration,this paper uses the listed companies held by Chinese hedge fund in 2010-2017 as a sample,and builds a network model of institutional investors with heavy stocks as nodes based on data held by hedge funds The influence of social network analysis on the structural hole characteristics of the hedge fund holding network on stock price linkage.The study found that,unlike existing literature that found that information sharing on the Chinese institutional investor network improves stock price synchronization,the hedge fund holding network will reduce stock price linkage.Its mechanism is that a listed company occupying a structural hole has information advantages and control advantages,can effectively control the flow of information,and integrates information or knowledge before others,which improves company transparency,improves market efficiency,and stabilizes The role of the market.In the sub-sample regression,it was found that the effect was significant in the sample of bear market,low marketization degree,nonstate-owned enterprises,non-financial securities lending target and non-ShanghaiShenzhen-Hong Kong Stock Connect target.This paper analyzes the impact of private information dissemination among hedge funds based on social network theory,and provides a new dimension for understanding institutional investors decision-making behavior and stock market pricing efficiency.The research in this paper helps regulators to judge the propagation path of private information among institutional investors,so as to prevent and monitor insider trading and stock price operation behavior,and establish a fair competition market order.