股权集中度对股价同步性的影响研究

Research on the Impact of Ownership Concentration on Stock Price Synchronicity

摘要: 股权集中度作为公司治理的重要因素，股权集中度的差异会显著影响公司高层管理层在信息披露方面的行为，从而对股价同步性产生影响。基于2020~2023年创业板与科创板上市公司的面板数据，使用固定效应模型检验股权集中度对股价同步性的影响及相关机制。结果发现：1) 较高的股权集中度能够降低股价同步性。2) 股权集中度高通过提高研发投入，降低股价同步性。3) 股权集中度高通过抑制盈余管理，降低股价同步性。4) 在非国有企业，两职兼任，分析师关注较少的企业样本中，企业股权集中度更加显著降低股价同步性。并依照研究结果为企业维持长期发展和监管机构完善现有的信息披露制度提出相关建议，促进资本市场的有效运作。

Abstract: Shareholding concentration as an important factor of corporate governance, the difference in shareholding concentration significantly affects the behavior of the company’s top management in terms of information disclosure, which in turn has an impact on share price synchronization. Based on the panel data of GEM and KTC listed companies from 2020~2023, a fixed-effects model is used to test the impact of equity concentration on stock price synchronization and related mechanisms. The results find that: 1) higher equity concentration reduces stock price synchronization; 2) higher equity concentration reduces stock price synchronization by increasing R&D investment; 3) higher equity concentration reduces stock price synchronization by suppressing surplus management; 4) in the sample of firms that are not state-owned, have both positions, and have fewer analysts to focus on, firms’ equity concentration more significantly reduces stock price synchronization. And according to the research results for enterprises to maintain long-term development and regulatory agencies to improve the existing information disclosure system, relevant recommendations are put forward to promote the effective operation of the capital market.