| The stock price of Chinese stock market presents the phenomenon of "rise together with fall",and the degree of synchronization of stock price is the high level in the world.Based on the damage of high stock price synchronization to the allocation of capital market resources,it is very important to grasp the factors affecting the synchronous volatility of stock prices and find the channels to weaken the synchronous volatility of stock prices,which is conducive to speed up the pricing efficiency of capital market.As the end product of professional audit work,audit opinions of certified public accountants are the main means of communication between certified public accountants and users of audit opinions.They express the final judgment of certified public accountants on the quality of financial reports.Whether audit opinions issued by certified public accountants can provide incremental characteristic information at the company level and effectively reduce the synchronization of stock prices has not been verified.In addition,securities analysts,who are known as the "information link" between investors and listed companies,can collect information through field research and other means,and transmit information interpreted by them to the market through the release of research reports and other behaviors.It remains to be seen whether the attention of securities analysts will affect the effect of CPA audit opinions on the synchronization of stock prices.Therefore,in this paper,the audit opinions of certified public accountants,the attention of securities analysts and the synchronicity of stock prices are included into the same research framework to discuss,in order to promote stock prices to absorb more characteristic information at the individual level of enterprises,and to provide reference and empirical support for weakening the synchronicity of stock prices in the Chinese capital market.Based on the information asymmetry theory,signal transmission theory,efficient market hypothesis and principal-agent theory,this paper analyzes the influence of audit opinions issued by certified public accountants on the synchronicity of stock prices and the moderating effect of securities analysts’ concerns on the influence of audit opinions of certified public accountants on the synchronicity of stock prices by using the inductive and deductive method.Based on the theoretical analysis,the research hypothesis is put forward one by one.In addition,the research further discusses the difference of the influence of non-standard audit opinions issued by certified public accountants on the synchronization of stock prices under different groups of corporate information transparency and audit service quality.This paper selects the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2020 to establish A model and carry out multiple regression analysis.Through empirical research,this paper tests the influence of audit opinions issued by certified public accountants on the synchronicity of stock prices and the moderating effect of securities analysts’ concern on the influence of audit opinions issued by certified public accountants on the synchronicity of stock prices.The heterogeneity analysis of the information transparency of listed enterprises and the audit service quality of certified public accountants is carried out.The following conclusions are drawn:(1)Compared with companies issued with standard unqualified opinions,companies issued with non-standard audit opinions have lower stock price synchronization;(2)Securities analysts pay attention to the negative moderating effect of audit opinions on the synchronization of stock prices;(3)When the information transparency of listed enterprises is poor,non-standard audit opinions issued by certified public accountants can significantly weaken the synchronization of stock prices;(4)The higher the quality of CPA audit services,the more significant the inhibitory effect of non-standard audit opinions on the synchronization of stock prices.Based on the above theoretical analysis and empirical test,the research puts forward targeted suggestions to reduce the synchronicity of stock prices,hoping to reduce the synchronicity of stock prices by improving the disclosure quality of CPA audit opinions,perfecting the construction of securities analyst industry system and strengthening the professional competence of securities analysts.Different from previous studies,this paper broadens the research perspective on stock price synchronization,expands the research results on the influence of different corporate external governance mechanisms on stock price synchronization,and analyzes how to promote the effective play of governance.It adds empirical evidence to weaken the synchronized volatility of stock price and accelerate the information efficiency of capital market,which has certain innovation and research value. |
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