Exchange Network Platform Interaction And Stock Price Synchronizatione

The Third Plenary Session of the 18th Central Committee of the Communist Party of China proposed "promoting the modernization of the national governance system and governance capacity".The Fourth Plenary Session of the 19 th Central Committee and the 20 th National Congress once again emphasized its significant significance,an d "making the market play a decisive role in resource allocation" also pointed out the direction for the market-oriented reform of China’s governance system.Under this institutional background,the regulatory approach of China’s capital market regulatory authorities is gradually transitioning from administrative dominance to market dominance;At the same time,in order to further promote the modernization of the national governance system and governance capacity,deepen the reform of the Internet and information technology,the Shenzhen Stock Exchange has launched the "Interactive Easy" network platform.Intended to use this online platform to strengthen direct communication between listed companies and investors.The synchronicity of stock prices is an significant index to measure the workpiece ratio of capital bazaar operation.It is the cor relation between the changes in individual stock prices of enterprise and the average changes in share prices in the bazaar.The greater the synchronicity of stock p rices,the stronger the correlation,that is,"both rise and fall".Eun conduct statistic on the synchronicity of stock prices in 47 global markets in2015 and found that China ranked first.Based on the efficient market hypothesis,information asymmetry theory,and behavioral finance theory,this article theoretically analyzes the impact of exchange network platforms on stock price synchronization,as a result of the synchronization and impact of the loan of heterogeneous investor beliefs on the synchronization between exchange network platforms and stock prices.Finally,the ability to explain future accounting earnings through the introduction of stock returns and the ability of exchange network platforms to integrate actual operating information into stock prices through interaction were studied,effectively suppressing stock price synchronization.The import of enterprise nature on the synchronization between exchange network platform and stock prices was tested in a grouped form.Based on theoretical analysis,in this article,from 2013 to 2021,Shenzhen Securities holds the main board shares of the company the target,measures the interaction of exchange network platforms by the number of investors’ questions and the number of listed companies’ responses,and use multiple regression to test the correlation between the interaction of investors on the "an Interactive Easy" network platform and the impact of investors’ heterogeneous on they interaction of exchange network platforms and the impact of stock price synchronization and interaction between trading platforms on stock prices synchronization through influencing earnings behavior of listed companies.The test show that: 1.There are a diverse reactions between exchange network platform interaction and stock price synchronization;2.The stronger the heterogeneous beliefs of investors,the stronger the inhibitor effect of exchange network platform interaction on stock price synchronization;3.Exchange network platform interaction inhibits stock price synchronization by influencing company earnings behavior;4.Exchange network platform interaction reduce stock price synchronization through "value channels",integrating company fundamentals in to individual stock prices;5.The grouping test results show that when the property rihts of listed companies are national,online platforms have a greater impact on synchronous stock prices obvious.The main innovation points of this article are reflected in: 1.From the exchange network platform interaction angle,this article deeply explores the factors that affect stock price synchronization,providing a new perspective for domestic and foreign research on stock price synchronization,and providing a useful reference for its development.2.By studying the impact of investors’ heterogeneous beliefs on the synchronization of exchange network platforms and stock prices,we can increase information about the company’s fundamentals in individual stocks,thereby reducing the possibility of stock crashes.3.Research on the exchange network platform,earnings behavior,and stock price synchronization can help better respond to improve the risk of stock fall and the operation of the stock market.