多个大股东并存的股权结构
对股价同步性的影响研究
研究生姓名：彭琳轩
导师姓名：苏毓敏
学科：金融专硕
研究方向：应用经济
年级：2020级
摘要
股价同步性是表征股票价格同向变动程度的指标,反映公司股价在某段时间内与市
场价格“同涨同跌”的现象。随着资本市场逐渐发展成熟，股价中关于公司特质的信息
含量不断增加，因股价同步性与之成反比，则股价同步性随之降低。资本市场中，股票
价格与资本市场信息效率直接相关，进而影响到市场对资源的合理配置，会计信息透明
度在经济发展和社会进步中占有越来越重要的地位，会计信息的真实披露能够从更深层
次优化股票市场的运行和发展。
随着股权分置改革的完成以及混合所有制改革的不断深入，多个大股东的股权结构
在我国上市公司中越来越普遍。大多数学者认为，当企业存在多个大股东并存的股权结
构时，会导致两种不同的效应出现，这两种效应分别为合谋效应和监督效应。依据监督
效应，若企业存在多个大股东的股权结构时，因大股东的利益与企业的价值密切相关，
存在动机行使监督权去规范公司的治理，此时所产生的监督效应会促使企业披露更多信
息，使得股价市场得到良性的发展，提升资本市场的信息效率。
依据上文中的内容，论文的研究理论分别为：股权制衡理论、有效市场假说、信息
不对称理论、委托代理理论以及股东合谋理论。论文依据2007—2020年上市公司的数
据，通过实证检验证明了多个大股东的股权结构对股价同步性的影响，且由于股价同步
性是资本市场的反应，股权结构是微观个体层面的，所以多个大股东的股权结构很难直
接影响股价同步性。因此，论文设置以会计信息透明度作为中介变量，将多个大股东对
股价同步性的具体影响路径进行解释说明。根据实证研究结论得出：从股价同步性的角
度出发，多个大股东与其存在显著的负相关关系。同时，经过中介检验机制发现会计信
息透明度在多个大股东和股价同步性之间起到部分中介效应。根据研究结论，如想要进
一步对投资环境进行改善和对股票市场进行规范，提升资本市场的信息效率，需要相关
企业、监督管理机构和国家机关三者之间一起努力。
关键词：多个大股东；会计信息透明度；股价同步性；中介效应
I

Research on the influence of shareholding structure with
multiple major shareholders on stock price synchronization
Graduate student:Peng Lin Xuan
Supervisor:Su Yu Min
Major：Finance
Research direction: The application of economy
Grate:2020
Abstract
The synchronicity of stock price is an indicator of the degree of change of stock price in
the same direction. It reflects the phenomenon that the stock price of a company rises and falls
with the market price in a certain period of time. With the gradual development and maturity
of the capital market, the information content about the characteristics of the company in the
stock price keeps increasing. As the synchronization of the stock price is inversely
proportional to it, the synchronization of the stock price decreases. In the capital market, the
stock price is directly related to the information efficiency of the capital market, thus affecting
the rational allocation of resources by the market. The transparency of accounting information
plays an increasingly important role in economic development and social progress. The true
disclosure of accounting information can optimize the operation and development of the stock
market from a deeper level.
With the completion of the reform of non-tradable shares and the deepening of mixed
ownership reform, the ownership structure of multiple major shareholders is becoming more
and more common in China's listed companies. Most scholars believe that when an enterprise
has multiple major shareholders' ownership structure, it will lead to two different effects,
which are the collusive effect of interests and the supervision effect of governance. According
to the monitoring effect, if the enterprise structure of multiple large shareholders, because of
the large shareholders interests are closely associated with the value of the enterprise, there is
motivation to exercise supervision to standardize corporate governance, the resulting effect
would lead to the supervision of enterprises to disclose more information, makes stock market
benign development, improve the information efficiency of capital market.
According to the above content, the research theories of this paper are as follows: equity
balance theory, efficient market hypothesis, information asymmetry theory, principal-agent
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theory and shareholder collusion theory. Based on the data of listed companies from 2007 to
2020, this paper proves the impact of ownership structure of multiple major shareholders on
stock price synchronization through empirical tests. Since stock price synchronization is the
reaction of capital market and ownership structure is micro individual level, it is difficult for
the ownership structure of multiple major shareholders to directly affect stock price
synchronization. Therefore, the paper takes the transparency of accounting information as an
intermediary variable to explain the specific impact path of multiple major shareholders on
stock price synchronization. According to the empirical research conclusions: from the
perspective of stock price synchronization, there is a significant negative correlation between
several major shareholders and the stock price. At the same time, through the intermediary
test mechanism, it is found that accounting information transparency plays a partial
intermediary effect between the synchronization of multiple major shareholders and stock
price. According to the research conclusion, if we want to further improve the investment
environment, standardize the stock market and enhance the information efficiency of the
capital market, we need to make joint efforts among relevant enterprises, supervision and
management institutions and state organs.
Key words:Multiple major shareholders;Transparency of accounting information; Stock
price synchronization; Intermediary effect
III
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