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本文以我国上市公司2009—2014年的7919个观测点为研究样本,对两权分离度与股价同步性关系进行了实证分析。结果表明,两权分离度与股票同步性存在显著正相关关系。因此要改善公司的信息环境质量,加大对两权分离度水平较高公司的监管力度,通过规范企业会计准则,完善信息披露制度,鼓励上市公司提高自愿性披露意愿向外部投资者提供更多及时有效的公司特质信息,从而降低股价同步性,提升资本市场运行效率。
This paper takes 7919 observation points from 2009 to 2014 in our country as the research sample, and makes an empirical analysis of the relationship between the separation of two rights and the price synchronization. The results show that there is a significant positive correlation between the separation of ownership and stock synchronization. Therefore, it is necessary to improve the quality of the information environment of the Company, strengthen the supervision of the companies with higher separation of powers and rights, standardize their accounting standards and improve the system of information disclosure, and encourage listed companies to increase the willingness of voluntary disclosure to provide more external investors Timely and effective company trait information, thereby reducing the synchronization of stock prices and improve capital market efficiency.