The Impact of Informationization Construction on Stock Price Synchronicity: Empirical Evidence from the "Pilot Zones of Integration of Information and Industrialization"1, a

Abstract

Within the context of the rapid advancement of information technology, this study examines the effects of information construction in the "Pilot Zones of Integration of Information and Industrialization" on the synchronicity of stock prices. The research findings indicate that the development of information has a significant reducing effect on stock price synchronicity. This conclusion still holds after undergoing a series of robustness tests. Furthermore, the impact is more evident in enterprises with dual roles and in areas with lower levels of legal governance. Additional analysis suggests that information construction mitigates stock price synchronicity by improving corporate governance and ensuring the prompt and accurate representation of company-specific information. In conclusion, this research offers insights for policymakers regarding the promotion of informationization, the optimization of corporate governance frameworks, and the enhancement of capital market efficiency. It advocates for the strengthening of legal protections and oversight mechanisms to guarantee that informationization can effectively elevate corporate governance standards and market transparency.