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本文通过对2007-2013年中国各省份上市公司的研究,构建了市场模型对股价同步性指标进行了衡量,继而运用股价同步性指标构建模型,研究我国各省份产权保护制度、法制化建设、政治多元化制度建设与股价同步性之间的关系,探究这些因素对股价同步性的影响。研究结果表明,有更好的产权的省份、更高质量的执法的省份公司、更多的政治多元化的省份公司股价同步性较低。
Based on the research of listed companies in various provinces in China from 2007 to 2013, this paper constructs a market model to measure the indicators of the stock price synchronization, and then uses the index of stock price synchronization to construct a model to study the system of property rights protection in each province, legal construction, politics The relationship between the construction of diversified systems and the synchronization of stock prices explores the impact of these factors on the price synchronization. The results show that companies with better property rights, higher quality law enforcement provinces, and more politically diversified provincial companies have lower price synchronization.