| Stock price synchronicity is the correlation between individual stock price fluctuations and market price fluctuations.It refers to the phenomenon of "simultaneous rise and fall" in stock prices,which is manifested by the fact that most stock prices in the market rise or fall at the same time during a certain period of time.Research at home and abroad shows that lower stock price synchronicity means higher capital market efficiency,which is conducive to the development of a country’s economy.Since my country’s capital market started relatively late and has not yet reached the level of more mature markets in other countries,the synchronization of my country’s stock prices has always been at a relatively high level.High stock price synchronization means that the efficiency of my country’s capital market is low,which has a certain impact on economic development.Individual investors account for the vast majority of my country’s stock market,but due to their own lack of investment knowledge,they often follow the trend of investment.Securities analysts have received more attention from investors since the "bull market" in 2014.Analysts rely on their professional capabilities and their own information channels to deliver information to investors in the form of analyst reports.In addition,analysts’ attention to companies will also restrain listed companies to a certain extent and reduce companies’ behavioral decisions that harm investors.Therefore,research on the impact of analysts coverage on the synchronicity of stock prices is of great economic significance.This thesis first sorts out the domestic and foreign research results of analysts coverage,institutional investors and stock price synchronicity,and conducts a literature review.Secondly,in the process of theoretical analysis,based on the efficient market hypothesis,information asymmetry,information transmission theory and herding effect,the mechanism of analysts coverage affecting the synchronicity of stock prices is studied.Analysts are concerned about the influence of stock price synchronization by interpreting the annual reports of listed companies,disclosing information,and exerting external supervision on listed companies.The participation of institutional investors will affect the relevant information of listed companies obtained by analysts.In addition,it will also cause individual investors to follow suit and affect the synchronization of stock prices.At the same time,the holdings of institutional investors will further strengthen the impact of analysts coverage on the synchronicity of stock prices.On the basis of the above analysis,this paper proposes relevant research hypotheses.Thirdly,in the process of empirical research,this thesis selects companies listed on the Shenzhen Stock Exchange and Shanghai Stock Exchange from 2011 to 2021 and still operating normally,and excludes companies in the financial industry,banks,and companies with serious data shortages.Part of the data comes from CSMAR and RESSET.This thesis uses the fixed-effects model of the panel to study the impact of analysts’ attention on the synchronicity of stock prices and the role of institutional investors’ shareholding in it,and conducts heterogeneity analysis according to the nature of enterprises.The empirical research results show that analyst coverage is negatively correlated with stock price synchronicity.Compared with stateowned enterprises,non-state-owned enterprises have a more significant impact of analyst coverage on stock price synchronicity,and compared with manufacturing enterprises,the stock price synchronicity of non-manufacturing enterprises is more affected by analyst coverage.The increase in institutional shareholding will further strengthen the negative correlation between the two.After changing the variables that analysts pay attention to for robustness testing,the empirical results are still in line with the previous conclusions.Finally,according to the research results,relevant suggestions are put forward to improve the high synchronization of stock prices in my country and improve the efficiency of the capital market. |
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