| Stock price synchronization is an important indicator reflecting stock price fluctuations.At the end of the 1980 s,its concept and measurement methods have been proposed,the research on stock price synchronization has gradually become a research hotspot in the current financial market field.Existing studies show that in Chinese stock market,higher stock price synchronization reflects that enterprises have enough stability to resist external risks,can better avoid the abnormal impact of market noise on stock prices,and is conducive to enterprises to obtain financing funds and achieve stable development.The existing research on stock price synchronization mainly focuses on media sentiment,accounting information quality and other aspects,and rarely excavates the influence of customers’ characteristics on stock price synchronization from the perspective of enterprise operation.However,in today’s emerging business context,the impact of customer characteristics on enterprise operation and stock price stability is increasingly complex,so it is very important to explore the impact of customer concentration on the synchronization of enterprise stock price.In addition,due to the professional and robust investment behavior of institutional investors,the stock price of a company with institutional investment funds is not susceptible to abnormal fluctuations caused by market noise,which is conducive to the improvement of stock price synchronization.Therefore,based on the financial data of listed companies in China,it is of practical significance to explore the impact of customer background on the synchronization of enterprise stock price and study the moderating effect of institutional investors on it,which is conducive to improving the efficiency of resource allocation in the capital market and improving the mechanism of enterprise customer selection.Based on the review of relevant literature,this paper analyzes the influence path of customer concentration on stock price synchronization according to principal-agent theory and external governance theory,and discusses the moderating role of institutional investors’ shareholding ratio in it.This paper selects the financial data of China’s A-share listed companies from 2009 to 2020,takes stock price synchronization as the explained variable,selects the top five customer sales ratio,the largest customer sales ratio and the Herfindahl-Hirschman Index as the explanatory variable to measure customer concentration,and explores the influence mechanism of customer concentration on the stock price synchronization of Chinese enterprises.As institutional investors are a good external governance force of a company,they can weaken the agency problems caused by high customer concentration.Meanwhile,their regulatory role can promote the information disclosure of enterprises and help enterprises improve the information content of their stock prices.Therefore,this paper adopts the shareholding ratio of institutional investors as a moderating variable to study its moderating effect on the relationship between stock price synchronization and corporate customer concentration.This paper adopts the methods of substitution of explained variables,substitution regression model and group heterogeneity test to test the robustness of the empirical results,and on this basis,takes enterprise asset scale as intermediary variable to explore the deep mechanism of customer concentration and stock price synchronization,and finally draws the following conclusions.First,the improvement of customer concentration of China’s A-share listed companies will restrain the synchronized rise of stock prices.Second,the increase of the shareholding ratio of institutional investors will weaken the restraining effect of the increase of corporate customer concentration on the synchronization of corporate stock prices.Meanwhile,in non-state-owned enterprises and enterprises that have been listed for a long time,the moderating effect of the shareholding ratio of institutional investors is more significant.Thirdly,this paper further finds that the restraining effect of customer concentration on stock price synchronization is realized by affecting enterprise asset scale,and the increase of customer concentration will restrain the increase of company scale,leading to the decline of stock price synchronization.This paper links customer concentration,institutional investors and stock price synchronization,and explores the relationship between the three in combination with the reality of Chinese stock market,expanding the existing research results on stock price synchronization and customer information.It provides a reference for China to further introduce institutional investors,improve the arrangement system of corporate customers,improve enterprise information disclosure system and regulatory measures and weaken market noise in policy making. |
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