基金持股、信息披露与股价同步性--基于操纵性行为的调节效应

Fund Holding,Information Disclosure and Stock Price Synchronization——Based on Operational Behaviors’Moderating Effect

相比较发达国家的资本市场,我国资本市场的股价同步性问题尤其严重。通过研究证券投资基金持股对股价同步性的影响及其作用机制发现:一是证券基金持股能够显著降低股价同步性;二是证券基金持股提高了信息披露质量,进而降低了股价同步性;三是控股股东操纵性程度越高,证券投资基金持股对股价同步性降低作用越显著。因此,证券投资基金能稳定资本市场,提高市场定价效率。应提高基金在资本市场市场参与度,鼓励“用手投票”参与治理。

Compared with the capital market of developed countries,the problem of stock price synchronization in China’s capital market is particularly serious.This paper studies the influence of stock holding of securities investment funds on stock price synchronization and its mechanism.The results show that the holding of securities fund can significantly reduce the synchronization of stock price.The holding of securities fund improves the quality of information disclosure and reduces the synchronization of stock price.The higher the degree of manipulation of controlling shareholders,the more significant the effect of fund holdings on stock price synchronicity.Therefore,in order to stabilize the capital market and improve the efficiency of market pricing,we should increase the participation of funds in the capital market and encourage“voting by hand”to participate in governance.