| In recent years,many companies have been reported to have repeatedly crossed legal red lines in terms of information disclosure,hindering the healthy development of China’s capital market.As a non-administrative punishment supervision measure,inquiry supervision plays a positive role in the supervision and management of corporate information disclosure,prompting companies to conduct serious and strict management of information disclosure,and then improve the quality of information disclosure.At the same time,the synchronicity of stock price can also reflect the information efficiency of capital market and the advantages and disadvantages of resource allocation.The higher the synchronicity of stock prices,the less private information will flow out of the company to the capital market,and the lower the information efficiency of the capital market,which is unfavorable to the development of the company.Therefore,this paper makes an in-depth discussion on the inquiry and supervision of listed companies in China to obtain more information about the characteristics of companies and reduce the synchronicity of stock prices,in order to improve the quality of information disclosure of listed companies and promote the healthy and stable operation of China’s capital market.Specifically,this paper takes the financial report inquiry letter as the starting point to analyze the synchronicity of stock prices.This paper takes the financial report inquiry letter published on the official website of Shanghai and Shenzhen Stock Exchange from2015 to 2021 as the research object to explore its impact on stock price synchronization.And according to the characteristics of the financial report inquiry letter: the number of questions in the financial report inquiry letter,whether the intermediary agency is involved to express opinions,whether the reply letter is delayed,the differentiated impact of the financial report inquiry letter on the synchronization of stock prices is discussed.In order to further explore the internal mechanism of financial report inquiry letter affecting stock price synchronicity,this paper analyzes the internal mechanism of financial report inquiry letter reducing stock price synchronicity from two aspects of information transparency and investor attention.The results show that:(1)the stock price synchronicity of the companies receiving the financial report inquiry letter is significantly lower than that of the companies not receiving the financial report inquiry letter.(2)When the number of questions in the financial report inquiry letter is larger,the comments of intermediaries are involved and the reply letter is delayed,the effect on the synchronicity of stock prices is more obvious.(3)The financial report inquiry letter can reduce the synchronicity of stock prices by improving information transparency and investor attention.In the robustness test,the above results are still valid.In addition,through further research,this paper finds that in the non-big four groups and the group with low investor protection level,the financial report inquiry letter significantly reduces the stock price synchronization.The research of this paper expands the relevant research on the economic consequences of the financial report inquiry letter in China,enriches the influencing factors of stock price synchronization,and provides theoretical basis and empirical support for promoting the development of China’s capital market and improving the stock price synchronization mechanism.It can be used as a reference for China Securities Regulatory Commission,Shanghai Stock Exchange and Shenzhen Stock Exchange to realize regulatory transformation,deepen the reform of information disclosure system,and prevent and resolve financial risks. |
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