多个大股东股权结构与股价同步性

Multiple Large Shareholder Equity Structure and Stock Price Synchronicity

中文关键词:  多个大股东  股价同步性  信息不对称  公司治理  公司数字化程度  外部制度环境

英文关键词:multiple large shareholders  stock price synchronicity  information asymmetry  corporate governance  level of corporate digitalization  external institutional environment

中文摘要:

      提升公司股价信息含量对资本市场信息传递效率和资本配置能力具有重要意义。利用2010—2022年中国沪深A股上市公司数据,检验了多个大股东股权结构对股价同步性的影响及其机制。研究发现,多个大股东股权结构能够降低股价同步性,且通过提高信息披露质量和提升公司治理水平降低了股价同步性。异质性分析发现,公司数字化程度越高、公司所处外部制度环境约束越弱时,多个大股东股权结构对股价同步性的降低作用越强。因此,政府可以通过政策引导或激励措施,鼓励企业形成多个大股东的股权结构,提高信息披露质量,提升公司治理水平,加大对企业数字化转型的支持力度,优化市场环境,以提升资本市场运行效率。

英文摘要:

      Enhancing the information content of a company's stock price is crucial for improving the efficiency of information transmission and capital allocation in the capital market. Using data from China's A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022, this study examines the impact of the multiple large shareholder equity structure on stock price synchronicity and its underlying mechanisms. The findings reveal that the multiple large shareholder equity structure reduces stock price synchronicity, primarily by improving the quality of information disclosure and enhancing corporate governance. Heterogeneity analysis indicates that the effect of the multiple large shareholder equity structure in reducing stock price synchronicity is more pronounced when the level of corporate digitalization is higher and external institutional constraints are weaker. Therefore, the government can encourage enterprises to adopt a multiple large shareholder equity structure through policies and incentives, increase support for corporate digital transformation, and further optimize the market environment to enhance the operational efficiency of the capital market. 