客户集中度、市场竞争地位与股价同步性

Customer Concentration, Market Competitive Position and Stock Price Synchronicity

降低股价同步性对于提升资本市场资源配置效力、促进资本市场定价效率具有重要意义。本文以2009-2019年A股上市公司为样本,探究客户集中度对股价同步性的作用关系,以及市场竞争地位在其中发挥什么作用,研究发现:客户集中度越高,股价中特质性信息含量就越高,从而使其股价同步性越低。市场竞争地位越高的公司,其客户集中度高对降低股价同步性的作用越强,说明随着公司市场竞争地位的提高,公司更乐于接受大客户的监督,向市场披露更多信息,从而增加股价中的特质性信息含量。本文就完善监管制度、选择合适的客户策略、提升信息获取能力提出相关建议。

Reducing the synchronicity of stock prices is of great significance for improving the efficiency of resource allocation and pricing in the capital market. This paper takes a-share listed companies from 2009 to 2019 as samples to explore the relationship between customer concentration and stock price synchronization, as well as the role of market competitive position in it. The research finds that: the higher the customer concentration, the higher the content of idiosyncratic information in stock price, and thus the lower the stock price synchronization.The higher the company’s market competitive position is, the stronger the effect of its high customer concentration on reducing the synchronicity of stock price is, indicating that with the improvement of the company’s market competitive position, the company is more willing to accept the supervision of big customers and disclose more information to the market, thus increasing the content of idiosyncratic information in stock price. This paper puts forward some suggestions on improving the supervision system, choosing the right customer strategy and improving the ability of information acquisition.