会计学院知识库

       多份跨国研究表明，我国股价同步性居高不下，资本市场相对不成熟，反映 出上市公司股价难以发挥信息传递功能，进而弱化其引导资源优化配置的能力。 学者们关于股价同步性的探讨形成了两大观点，一种是基于股价特质信息含量的 “信息效率观”，另一种是基于市场中噪音行为的“非理性交易观”，“信息效 率观”经过大量的理论分析和实证检验，被我国学术界普遍认可，逐渐形成较为 完善的理论体系，该观点认为公司特质信息是否充分反映到股价中，决定了股价 是否偏离其真实价值，从而影响股价同步性的高低和资本市场的正常运行。本文 正是基于“信息效率观”，探讨影响股价同步性的可能因素。

      经济“脱实向虚”同样是当前我国经济发展中面临的严峻问题，在微观层面 具体表现为非金融企业“金融化”。在资本逐利动机的驱使下，越来越多非金融 企业部门更倾向于高收益的金融投资活动。企业金融化是把双刃剑，适度金融投 资，有利于盘活资金，提高资金使用效率；但过度金融投资不利于主业发展，加 剧经营风险和财务风险，提高管理层盈余管理动机。为此，本文从现阶段我国非 金融企业金融化的水平入手，考察其对股价同步性的影响，选择非金融、房地产 业沪深 A 股 2009 年——2020 年上市公司的样本数据，实证结果验证了：（1） 非金融企业金融化水平越高，股价同步性越高。金融化的“挤出效应”发挥主导 作用，不利于公司层信息的获取且无法充分反馈到股价中；（2）信息质量和分 析师关注是连接二者关系的重要传导路径，非金融企业金融化通过降低公司信息 质量和分析师关注度进而提高股价同步性；（3）二者的关系在非国有企业、产 品市场竞争较强的环境中更显著，说明非国有企业管理层的操纵金融活动的动机 更强烈；在较强的产品市场竞争环境中，管理层更倾向于操纵金融资产进行盈余 管理，最终阻碍公司层信息反馈进股价。

       本文结论丰富了非金融企业金融化的经济后果、股价同步性影响因素领域的 相关研究，并拓展了内在机理和情境研究，对于引导非金融企业“脱虚向实”， 为会计准则出台部门、内外监管部门的政策修订和完善，以及提高资本市场资源 配置效率提供一定的启示意义。

       A number of transnational studies show that China's stock price synchronization remains high, and the capital market is relatively immature, which reflects that the stock price of listed companies is difficult to play the function of information transmission, thus weakening its ability to guide the optimal allocation of resources. Scholars discuss about stock price synchronicity to form the two point of view, one kind is based on shares traits information content "the concept of information efficiency", the other is based on the noise behavior in the market of "irrational trade", "the concept of information efficiency" after a lot of theoretical analysis and empirical test, is recognized by the academia in China and gradually formed a more perfect theoretical system, This view holds that whether the characteristic information of a company is fully reflected in the stock price determines whether the stock price deviates from its real value, thus affecting the synchronization of the stock price and the normal operation of the capital market. Based on the "information efficiency view", this paper discusses the possible factors affecting the synchronization of stock prices.

     "Shifting from real economy to virtual economy" is also a serious problem facing China's current economic development, which is embodied in the "financialization" of non-financial enterprises at the micro level. Driven by the profit-seeking motive of capital, more and more non-financial enterprises are more inclined to high-yield financial investment activities. Financialization of enterprises is a double-edged sword. Appropriate financial investment is conducive to revitalizing capital and improving the efficiency of capital use. However, excessive financial investment is not conducive to the development of the main business, exacerbates operational risks and financial risks, and improves the motivation of earnings management. Therefore, this paper starts with the level of financialization of non-financial enterprises in China at the present stage, and investigates its impact on stock price synchronization. The sample data of non-financial and real estate listed companies in Shanghai andshenzhen a-shares from 2009 to 2020 are selected. The empirical results verify that :(1) the higher the financialization level of non-financial enterprises, the higher the stock price synchronization. The "crowding out effect" of financialization plays a leading role, which is not conducive to the acquisition of information at the company level and cannot be fully fed back into the stock price. (2) Information quality and analyst attention are important transmission paths connecting the two relations. Financialization of non-financial enterprises improves stock price synchronization by reducing corporate information quality and analyst attention; (3) The relationship between the two is more significant in the environment of non-state-owned enterprises and strong product market competition, indicating that the management of non-state-owned enterprises has stronger motivation to manipulate financial activities; In a strong product market competition environment, management is more inclined to manipulate financial assets for earnings management, and ultimately hinder the feedback of corporate information into stock prices.        This article conclusion enrich the economic consequences of non-financial enterprises financialization, stock price synchronicity related research in the field of influencing factors, and expand the internal mechanism and the research situation, to guide the non-financial enterprise, virtual to physical for the department of accounting standards issued, revise and improve the internal and external regulatory policy, and improve the efficiency of capital market allocation of resources to provide the certain enlightenment significance.