公司战略异质性与股价同步性

Strategic Heterogeneity and Stock Price Synchronicity

文章考察公司战略异质性(公司战略偏离行业常规战略的程度)对股价同步性的影响及作用机制。研究发现,企业战略偏离行业常规战略的程度越大,公司股价同步性越低,表明战略异质性有助于更多公司特质信息融入股价,且上述关系在成长性高、机构投资者持股比例高的企业中更为显著。进一步研究发现,战略异质性通过影响公司经营风险与信息不对称程度作用于股价同步性。

From a perspective of the degree of deviating from the industrial normal strategy, this paper tests the effect of corporate strategy on stock price synchronicity and their relationship path. Results show that greater the corporate strategy deviates from the industrial convention, more significantly the stock price synchronicity decreases, which indicates that strategy deviation helps incorporate more firm specific information into stock price. Further study finds that the above relationship is more significant in firms with higher growth and more institutional shareholding, and that strategic heterogeneity affects stock price synchronicity through operating risk and information transparency.