Research On The Impact Of Strategic Aggressiveness On Stock Price Synchronization From The Perspective Of Information Disclosure Quality

The 14 th Five-Year Plan emphasizes the importance of improving the efficiency of financial markets to support the real economy.Stock price synchronization is a common indicator to measure the information content of stock price,the information transmission efficiency and pricing efficiency of capital market.Reducing the synchronicity of stock prices is of great significance for promoting the full operation of market price mechanism,improving the efficiency of capital market,maintaining the stability of financial market,optimizing resource allocation and ultimately supporting the growth of real economy.Strategy is the long-term development goal determined by the enterprise according to its mission.It is an overall and long-term plan and the basis of decision-making.Companies differ in their degree of strategic aggressiveness.According to the degree of strategic aggressiveness,companies can be divided into offensive strategy,analytical strategy and defensive strategy.Offensive enterprises adapt to the changes of the external environment by developing new products and new markets.But offensive strategy also brings serious agency problems,increases the risk of information asymmetry and ultimately affects the stock price.In addition,strategy plays a guiding role in the development of the company,and the stock price reflects the recognition of the company by investors.Corporate information disclosure connects the company and investors.Therefore,the quality of information disclosure may become the medium between corporate strategy and stock price.Based on the analysis,this paper attempts to bring enterprise strategy,information quality and stock price into the same research framework after reviewing domestic and foreign literature,so as to provide new ideas for the research on the relationship between strategic aggressiveness and stock price synchronization.Using a sample of A-share listed companies from 2011 to 2020,this paper studies the impact of strategic aggressiveness on stock price synchronization and the intermediary role of information disclosure quality by fixed effect model,further distinguishes the size of the company,the size of the board of supervisors and the shareholding ratio of institutional investors,and carries out heterogeneity analysis.In this paper,PSM method is used to overcome the endogenous problem and sample selection error.The robustness test is carried out by eliminating the abnormal samples during the stock disaster in 2015 and replacing variables.The results show that: firstly,the more aggressive the strategy is,the higher the stock price synchronization is.Compared with defensive companies,offensive companies have a higher level of stock price synchronization.Secondly,higher level of strategic aggressiveness leads to lower level of information disclosure quality,and ultimately impoves stock price synchronization.The quality of information disclosure plays an intermediary role.Thirdly,among the companies with small size,the companies with small size of supervisory board and the companies with low shareholding ratio of institutional investors,the impact of strategic aggressiveness on stock price synchronization is greater.Finally,based on the results of theoretical and empirical analysis,this paper puts forward suggestions from the perspective of investors,companies and government financial supervision.