Research on Synchronicity of Investor Sentiment and Stock Price
Taking A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2018 to 2021 as samples,this paper studies the influence and mechanism of investor sentiment on stock price synchro-nization.The results show that there is a significant positive correlation between investor sentiment and stock price synchronicity,which supports the theory of"information efficiency".High investor sentiment can increase share price synchronicity by increasing financing constraints.Further research shows that the positive effect of investor sentiment on stock price synchronization is more obvious in the enterprises with lower securities super-vision,lower accounting conservatism and higher equity incentive.Some suggestions are put forward to restrain stock price synchronicity from optimizing information acquisition channels,perfecting internal information dis-closure mechanism and strengthening supervision functions of regulatory departments.
国家科技期刊平台
NSTL
万方数据
维普
