Does Network Infrastructure Improve the Information Efficiency of Regional Capital Market?—Quasi Natural Experiment Based on “Broadband China” Strategy

Abstract

Based on theoretical analysis, using the Quasi-natural experiment of the "broadband China" strategy, this paper constructs a multi-time dual difference model between network infrastructure construction and information efficiency of the regional capital market. It conducts an empirical test by using 12156 samples of 1013 A-share listed companies from 2008 to 2019. STATA16 was used for model regression and calculation. The results show that the construction of network infrastructure has a significant positive impact on stock price synchronization. The lower the ownership concentration, the greater the company's growth, and the greater the trading noise in the stock market, the more significant the network promotes the stock price synchronization. Higher stock price synchronization means lower market information efficiency. Further analysis shows that the construction of network infrastructure negatively impacts the information efficiency of the regional capital market by reducing the quality of information disclosure in the capital market. Finally, we hope to face up to the information efficiency of the capital market under the background of the Internet revolution.

Envisaging the carbon emissions efficiency of digitalization: The case of the internet economy for China

“…In 2013, the State Council promulgated the "Broadband China" strategy, which aims to improve the construction of China's information infrastructure, narrow the gap with developed countries, and achieve rapid Internet penetration (Fang et al, 2022;The State Council, 2013;Yang et al, 2022a). Therefore, we divide the sample into two groups, 2006-2013 and 2014-2017, respectively, estimate their results, and list them in columns ( 2) and (3).…”

A Study on the Impact of Network Infrastructure Development on Carbon Emissions in China's Border Regions

“…Scholars such as Liu Yajun [1],Fan Hongzhong [2], Jie Zhang [3], and Yifei Zhang [4] have examined its impact on inter-city cooperation, innovation, industrial agglomeration, and enterprise transformation. In terms of urban and rural income dynamics, researchers like Chen Yang [5] and Hu Haoran [6] have explored the strategy's potential to narrow urban-rural income gaps through improved employment structures. However, minimal research delves into network infrastructure's role in influencing carbon emissions, especially within underdeveloped regions.…”