Research On The Relationship Between Interactive Information Communication And Stock Price Synchronicity

The synchronicity of stock prices,that is,the phenomenon of "rising and falling together",generally exists in all capital markets.Compared with mature capital markets,the synchronicity of stock prices in emerging capital markets is more obvious.According to previous studies,China,as an emerging capital market,presents the characteristics of high stock price synchronization.High stock price synchronization will intensify the irrational investment behavior of investors in the market,which may lead to high-quality capital inflows to low value companies and reduce the operation efficiency of the capital market.Therefore,it is of great practical significance to study the influencing factors of stock price synchronization to reduce the stock price synchronization of listed companies in China and improve the efficiency of market resource allocation.Information asymmetry between investors and companies is one of the important factors leading to irrational investment behavior.By strengthening the communication between the two sides,breaking the information barrier and alleviating the degree of information asymmetry,the synchronization of stock prices can be reduced and the operation efficiency of capital market can be improved.With the rapid development of information technology,the emergence of new social media has increased the information disclosure channels of listed companies.On July 5,2013 Shanghai was officially launched‘the E-Interaction platform of Shanghai Stock Exchange’,the platform open to all investors and listed companies in the Shanghai market,investors can use the platform to questions of the listed company,the company aiming at the problem of investors to reply in time,disclose information on their own trait,so as to realize effective interactive communication.The emergence of ‘ the E-Interaction platform of Shanghai Stock Exchange’ provides a new channel for studying the effect of interactive communication on stock price synchronization.Based on this,this paper takes the Shanghai listed companies served by ‘the E-Interaction platform of Shanghai Stock Exchange’ as the research sample and uses Python software to capture the data of company Q&A in the ‘Q&A’ section of ‘the E-Interaction platform of Shanghai Stock Exchange’ from January 1,2014 to December 31,2020.The total number of questions and answers and the total number of words of questions and answers are taken as the measurement index of interactive communication to study its effect on stock price synchronization.At the same time,examine how customer concentration and market competitive position affect this effect.After robustness test and endogenous test,the research conclusions of this paper are as follows :(1)interactive information communication has a significant negative correlation with stock price synchronization,that is,the higher the degree of interaction between investors and listed companies,the lower the stock price synchronization.(2)The lower the customer concentration,the more interactive information communication weakens the synchronization of stock price.(3)The higher the company’s market competitive position is,the more significant the effect of interactive information communication on stock price synchronization is reduced.On the basis of existing research,this paper studies the relationship between interactive information communication and stock price synchronization,and considers the influence of customer concentration and market competitive position on this effect,which enriches the research direction of influencing factors of stock price synchronization.At the same time,the targeted suggestions put forward in this paper can contribute to improving the information disclosure level of listed companies and enhancing the ability of market resource allocation.