Cross Shareholders And Stock Price Synchronization

With the continuous development of China’s capital market,shareholders with resource advantages gain more benefits by holding shares of different enterprises in the same industry,thus forming chain shareholders,making more and more enterprises form a network connection at the equity level.Chain shareholders have two sides,which will produce two distinct economic effects: "governance synergy" and "competition collusion".Therefore,it is necessary to further explore the influence of chain shareholders on economic activities.As an important indicator to measure the information efficiency of the capital market,share price synchronization reflects the change of individual share prices with the market average share price.Only when the share price fully reflects the enterprise-level information,can resources be effectively allocated.Whether chain shareholders can improve the information efficiency of the capital market and improve the efficiency of resource allocation in the capital market is of great significance for promoting the high-quality development of China’s real economy.Based on the perspective of stock price synchronicity,according to the theoretical viewpoint of "noise interpretation school" and the immature reality background of China’s capital market,this thesis takes the listed companies of Shanghai and Shenzhen A-shares from 2007 to 2021 as the research sample,empirically tests the research hypothesis by establishing regression equation model,using descriptive statistics,regression analysis and other methods,and further considers the nature of different enterprises,external supervision The impact of institutional environment on this relationship.The research results show that:(1)The relationship between chain shareholders and stock price synchronization is explored from the competitive perspective of "governance synergy" and "competition collusion".After testing,chain shareholders play a role of governance synergy,reduce the impact of noise on stock prices,and improve the information efficiency of the capital market,which is embodied in the improvement of stock price synchronization.This conclusion is still valid after a series of robustness tests such as Heckman test,PSM+DID,and replacement variables;(2)This thesis examines the role of chain shareholders in the synchronization of stock prices from the two dimensions of information disclosure quality and enterprise management risk,which helps to clarify the specific impact channels of social network relations at the ownership level on the micro-enterprise governance effect,provides new ideas for corporate,shareholders and management to better manage enterprises,and also provides new ways to improve the information efficiency of the capital market.(3)The role of chain shareholders in improving the synchronization of share prices is only established in non-state-owned enterprises.In enterprises in areas with high analyst attention and good institutional environment,the positive impact of chain shareholders on the synchronization of share prices is more easily captured.This study not only enriches the research on the economic consequences of chain shareholders,but also expands the relevant research on the factors affecting the synchronization of stock prices based on the "noise interpretation school" view;At the practical level,the study provides policy enlightenment for enterprises and capital market regulators to correctly understand chain shareholders,reasonably supervise and guide chain shareholders to play a governance synergy role,and provides governance ideas for improving the information efficiency of capital market from the shareholder level.