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首页> 外文期刊>Journal of financial economics >Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China
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Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China

机译：股权集中度，外资持股量，审计质量和股价同步性：来自中国的证据

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摘要

This paper investigates the effects of largest-shareholder ownership concentration, foreign ownership, and audit quality on the amount of firm-specific information incorporated into share prices, as measured by stock price synchronicity, of Chinese-listed firms over the 1996-2003 period. We show that synchronicity is a concave function of ownership by the largest shareholder with its maximum at an approximate 50% level. Further, we find that synchronicity is higher when the largest shareholder is government related. We also find that foreign ownership and auditor quality are inversely associated with synchronicity. Finally, we show that the amount of earnings information reflected in stock returns is lower for firms with high synchronicity.
机译：本文研究了最大股东持股集中度，外国所有权和审计质量对1996-2003年间中国上市公司股价中包含的公司特定信息量的影响（以股价同步性衡量）。我们表明，同步性是最大股东的所有权的隐性函数，其最大值约为50％。此外，我们发现，当最大股东与政府相关时，同步性更高。我们还发现，外国所有权和审计师素质与同步性成反比。最后，我们表明，具有高度同步性的公司在股票收益中反映的收益信息量较低。

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