国际化经营、机构投资者与股价同步性

文章研究了中国上市公司的国际化经营对股价同步性的影响，以及机构投资者在二者关系中所起的作用。结果发现，相对于非国际化经营公司而言，国际化经营公司的股价同步性较高；而国际化经营程度越高，股价同步性越低，且二者的反向关系会随着机构投资者持股比例的增加而增强。结论表明，上市公司提供的信息量、投资者获取信息的成本、投资者的理性程度及结构等因素都会影响投资者识别和区分特质信息和噪音的能力，进而影响股价同步性。

International Operation, Institutional Investor and Stock Price Synchronicity

This paper examines the effects of international operation of Chinese listed companies on stock price synchronicity and the influence of institutional investor on the relationship between international operation and stock price synchronicity, using data from Chinese stock market and annual reports of the listed companies. The paper finds that companies which operate internationally have higher stock price synchronicity compared with companies without international operation. Further analyses show that there is a significant negative correlation between the level of international operation and stock price synchronicity and that this negative correlation increases with the ratio of current shares held by institutional investors. The empirical results also show that some factors such as the amount of information disclosed by listed companies, the cost of information to investors, the extent of rationality of investors and investors' structure, may impact the investors' ability to recognize and distinguish information and noise, which may even have further impact on stock price synchronicity.