文章基本信息

标题：Equity pledge of major shareholders, quality of information disclosure and synchronization of stock price
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作者：Qin Yue ; Jiameng Chen
期刊名称：E3S Web of Conferences
印刷版ISSN：2267-1242
电子版ISSN：2267-1242
出版年度：2021
卷号：235
页码：1032
DOI：10.1051/e3sconf/202123501032
出版社：EDP Sciences
摘要：The synchronization of stock price is an important index to measure the information of stock price. Compared with the countries with mature capital market, the synchronization of stock price in China is on the high side, and the fluctuation of stock price often presents the phenomenon of “rising and falling together”. This paper studies the impact of pledge of major shareholders’ equity on the synchronization of stock price, and further explores the role of information disclosure quality. Based on the data of China’s A-share listed companies in 2013-2019, the empirical study shows that: there is a large shareholder equity pledge in enterprises, and the synchronization of stock price is higher, and with the increase of the proportion of large shareholder equity pledge, the impact is more significant; the quality of information disclosure plays a significant negative role in the relationship between the synchronization of large shareholder equity pledge and stock price, easing the impact of large shareholder equity pledge the impact on stock price synchronization.
其他摘要：The synchronization of stock price is an important index to measure the information of stock price. Compared with the countries with mature capital market, the synchronization of stock price in China is on the high side, and the fluctuation of stock price often presents the phenomenon of “rising and falling together”. This paper studies the impact of pledge of major shareholders’ equity on the synchronization of stock price, and further explores the role of information disclosure quality. Based on the data of China’s A-share listed companies in 2013-2019, the empirical study shows that: there is a large shareholder equity pledge in enterprises, and the synchronization of stock price is higher, and with the increase of the proportion of large shareholder equity pledge, the impact is more significant; the quality of information disclosure plays a significant negative role in the relationship between the synchronization of large shareholder equity pledge and stock price, easing the impact of large shareholder equity pledge the impact on stock price synchronization.