论文部分内容阅读
文章选取2006—2012年间中国股票市场数据,研究外资持股对信息传递效率和股价同步性的影响,验证了我国股市中股价同步性与市场信息效率之间的关系以及外资持股对这种关系的影响。研究结果表明:(1)不同类型的外资对我国股市信息传递效率的影响是存在显著差异的;(2)直接境外大股东提高了股价同步性,而直接境外中小股东降低了股价同步性。
The paper chooses the data of Chinese stock market from 2006 to 2012 to study the influence of foreign stock ownership on information transfer efficiency and stock price synchronization. It verifies the relationship between stock price synchronization and market information efficiency in China’s stock market and the relationship between foreign stock ownership Impact. The results show that: (1) The impact of different types of foreign capital on the efficiency of information transmission in China’s stock market is significantly different; (2) Direct overseas major shareholders improve the stock price synchronization while the direct overseas minority shareholders reduce the stock price synchronization.