Research on the Influence of Strategic Difference on Stock Price Synchronization

Stock price synchronization is an important index to measure the content of idiosyncratic information in a company's stock price. Taking increasingly fierce market competition as background, this paper discusses relationship between strategic difference and China's with more noise trading, considers influence property right nature ownership concentration on relationship. The results show that: (1) higher corporate strategy, lower price; (2) State owned enterprises can promote negative correlation them. From new perspective interpretation, study finds that when trading becomes main influencing factor synchronization, degree will increase asymmetry, cause investors blindly follow crowd other irrational improve heterogeneous fluctuation level price, then reduce synchronization.