External Guarantees and Stock Price Synchronization
Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2022,it is found that there is a significant positive correlation between the external guarantee and the stock price synchronization.Moreover,the promotion effect of the former on the latter is more significant in non-state-owned enterprises or in groups with higher degree of separation between ownership and control or in those with poor le-gal environment.The impact mechanism test shows that the former can improve the latter by reducing the transparency of corporate information.Further research finds that a guar-antee provided to a subsidiary can better enhance the stock price synchronization than that to a non-subsidiary.This result provides a theoretical explanation for the"in-lock-step rise and fall"of China's stock prices,and also inspires enterprises to improve their management and information efficiency in the capital market.
NETL
NSTL
万方数据
