An Empirical Study About The Effects Of Accounting Information Comparability On Stock Price Synchronicity

Stock price synchronicity can reflect the difference of operational efficiency in different capital markets.Severe problems of high stock price synchronicity will affect the efficiency of resource allocation in capital markets.Studies indicate that highquality accounting information can reduce the degree of stock price synchronicity.As an important quality attribute of accounting information,comparability can affect stock price synchronicity through the decision-making effectiveness effect,the information incentive effect and the information extruding effect.However,the relevant research results are less.This thesis measures accounting information comparability of the Chinese A-share listed companies from 2013 to 2017.Then,it uses empirical data to examine the effects of accounting information comparability on stock price synchronicity and the effects of institutional investors,securities analysts,and ultimate controllers on the relationship between comparability and stock price synchronicity.The empirical results indicate that accounting information comparability and stock price synchronicity are significantly positively correlated.Thus,information extruding effect plays a more important role than decision effectiveness effect and information incentive effect in the impact on stock price synchronicity.Further test results indicate that Institutional investors' shareholdings play a role in complementing and compromising the impact of comparable decision-making effectiveness effects and information incentive effects,and can effectively suppress the positive impact of accounting information comparability on stock price synchronicity.Contrarily,securities analysts following and the state-controlled nature play a complementary role with the information extruding effect of accounting information comparability and enhance the positive impact of accounting information comparability on stock price synchronicity.Finally,the results of this thesis have passed the robustness test.Accounting information comparability is an important characteristic different from other information quality characteristics.Discussing the relationship between accounting information quality and stock price synchronicity from the perspective of accounting information comparability can provide empirical evidence and make up for the lack of comparability in existing research.In addition,the thesis puts forward corresponding policy recommendations from the perspective of accounting information comparability,securities analysts,nature of ultimate controller in order to reduce the synchronization of stock prices,which is helpful to optimize the allocation of social resources.