投资者实地调研能降低股价同步性吗

Does Investors’ Field Survey Alleviate the Stock Price Synchronicity?

本文借助固定效应面板分析方法,选取2013—2020年上市公司数据,研究投资者实地调研对股价同步性的影响。结果发现,投资者实地调研能显著降低上市公司股价同步性。进一步分析发现,投资者实地调研对机构投资者持股比例低、业绩增长差和新闻报道少的公司的股价同步性改善效应更明显。作用机制检验发现,投资者实地调研分别通过降低公司盈余管理程度和分析师盈余预测分歧来发挥治理效应和信息效应,从而降低股价同步性。研究结果有助于全面理解投资者实地调研对于改善股价同步性的影响效果与作用机制,对规范上市公司运作、完善信息披露制度与促进证券市场健康发展有一定启示意义。

Using the fixed-effect panel analysis method, the paper analyzes the data of listed companies ranging from2013 to 2020 to study the impact of investors’ field survey on the stock price synchronicity. The results show that inves.tors’ field survey can significantly reduce the listed companies’ stock price synchronicity. Further analysis finds that in.vestors’ field survey has a more significant effect on improving the stock price synchronicity of companies with low insti.tutional investors’ shareholding ratio, poor performance growth and less news coverage. The mechanism test indicates that investors’ field survey exerts the governance effect and information effect respectively by mitigating the extent of cor.porate earnings management and the divergence of analysts’ earnings forecasts, thereby reducing stock price synchronic.ity. The research helps to understand the effect and mechanism of investors’ field survey on stock price synchronicity,and has several implications for regulating the operations of listed companies, improving the information disclosure sys.tem and promoting the development of the securities market.