| Stock price synchronicity refers to the phenomenon that stock price "rises and falls at the same time".The level of stock price synchronicity can be used to evaluate the content of company’s idiosyncratic information contained in stock price,and it is an important index to evaluate the market effectiveness.With the rapid development of information technology,the influence of social media represented by microblog and wechat is increasing day by day.More and more listed companies have launched the We Chat official account and released the company’s idiosyncratic information through this platform,which greatly reduces the cost of information acquisition by investors,enables more companies to enter the stock price with special information and ultimately effectively reduce the synchronization of stock prices.Compared with micro-blog and other social media,We Chat is the most social platform in China at present.Unlike micro-blog which features are more complex and idiosyncratic information needs to be screened,We Chat official account can only be issued in groups once a day,adding more information with special characteristics.Therefore,the We Chat official account has become the largest voluntary information disclosure platform in social media.It is undeniable that the We Chat official account of public company also has low threshold,loose check and uneven quality.In order to make an objective evaluation of the information quality of We Chat official account of listed companies,this paper attempts to build a We Chat official account information quality evaluation system with the new characteristic information as the core.The evaluation system makes the measurement of idiosyncratic information and the research of the source of stock price synchronicity difference more scientific.Based on this,we study the influence of opening of We Chat official account and information quality on stock price synchronicity,and reveal the great role of We Chat official account as a platform for information release of listed companies.We also clarify the correlation between information quality and stock price synchronicity,and also provide a sample and theoretical basis for information efficiency theory.Based on the data of Shanghai and Shenzhen 300 listed companies in 2017-2019 years,this paper studies the relationship between the opening of We Chat official account and the stock price synchronicity is analyzed,and the difference of stock price synchronicity between these companies before and after the opening is compared.Then,the relationship between the information quality of We Chat official account and the synchronization of stock price is discussed.Then,the above data are groiuped into two groups from the perspective of company size and stock market cycle.The difference between the influences of the We Chat official account’s information quality of the large company and small company on the stock price synchronicity are analyzed,and such influences in bull market and bear market are also analyzed.The results show that the same public company has a lower synchronization than the stock price before the opening of the We Chat official account,proving that the opening of We Chat official account has increased the company’s special information into the stock price.Furthermore,the information quality of the We Chat official account of the listed company is significantly negatively related to the stock price synchronicity,which indicates that improving information quality can effectively reduce stock price synchronicity.The two group comparison results show that the information quality of the We Chat official account of large companies is significantly negatively related to stock price synchronicity,while small companies are not significant;in bear market,the information quality of We Chat official account is significantly negatively related to stock price synchronicity,but not in bull market The results show that the characteristic information released by large companies on We Chat official account and the special information released by We Chat listed official account in bear market are more likely to be concerned by investors and enter the stock price.The above conclusion shows the effectiveness of information quality evaluation system,and also supports the view of "information efficiency".Based on the literature review,this paper is the first one to study the impact of We Chat official account’s information quality on stock price synchronization.The conclusion of the study is of reference value to listed companies,investors and regulators.For listed companies,improving the information quality of We Chat official account can improve the information environment of the company and get more investors’ attention.Through the voluntary We Chat information disclosure platform,we can improve the efficiency of idiosyncratic information entering the stock price,thereby improving the market efficiency.For investors,we should attach importance to and make good use of the We Chat official account of listed companies,reduce the cost of obtaining information,and make rational investment decisions by digging out idiosyncratic information deeply.For regulatory authorities,this article has certain reference value for formulating information disclosure regulations and information quality rating system of We Chat official account of listed companies. |
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