An empirical study on the effects of the separation of the control rights and cash flow rights on the stock price synchronization of listed companies

摘要

The synchronization of stock price in recent years is the hot topic of corporate finance. In this paper, we use the data of A share listed companies in China in 2010-2015 to study the barrier of separation of two rights (control right and cash flow right) to market information transmission characterized by stock price synchronization. The results show that: firstly, the separation of the two powers and the nature of the actual controller are positively related to the stock price synchronization. Secondly, the state-owned property of the actual controller significantly reduces the positive impact of the separation of the two rights on the stock price synchronicity.