Abstract: The basic function of capital markets is to realize the optimal allocation of resources by means of the stock price signal mechanism, and the key of stock price to play the optimal allocation function depends on its ability to reflect the real information of the company. From the perspective of stock price synchronicity, this paper conducts an empirical study by making use of the panel data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2020. The findings show that the industrial-financial integration can help suppress the stock price synchronicity of the real enterprises, and this phenomenon is more significant in private enterprises. Further examination reveals that the mechanism of the financial-industrial integration to inhibit the stock pricesynchronicity is to alleviate information asymmetry, attract investors’ attention and improve corporate governance. The shareholding of institutional investors and the media reports can strengthen the inhibition effect of the financial-industrial integration on stock price synchronicity. The above conclusions can explain the formation mechanism of stock price synchronicity from the perspective of the financial-industrial integration, reveal the special company information with micro-individual differences of the financial-industrial integration policies, help to deepen the theoretical cognition of the high stock price synchronicity of China’s capital markets and its information transmission mechanism, and provide new ideas for the re-understanding of the“view of information efficiency”and the reasonable evaluation of the micro-governance effect of the industry-finance integration model.

Key words: industrial-financial integration, stock price synchronicity, information asymmetry, investors'concern, corporate governance