Abstract: Based on the efficient market hypothesis and signaling theory, this study uses the implementation of China’s Safe Harbor Rule for Forward-looking Information as a quasi-natural experiment, selects A-share listed companies in China’s capital market from 2017 to 2024 as the research sample, examines the impact of the Safe Harbor Rule for Forward-looking Information on stock price synchronicity. The study finds that the implementation of the Safe Harbor Rule can reduce firms’ stock price synchronicity. Mechanism tests indicate that the Safe Harbor Rule enables firms to disclose more forward-looking incremental information and forward-looking firm-specific information, thereby lowering stock price synchronicity. Further analysis reveals that the reduction effect is more pronounced among high-tech enterprises, firms with high analyst coverage, and firms with a high degree of information asymmetry between insiders and outsiders. Accordingly, regulators should improve and refine the implementation guidelines of the Safe Harbor Rule for Forward-looking Information; firms should clarify the applicable boundaries of the Safe Harbor Rule; and investors should enhance their ability to interpret firms’ forward-looking information.

Key words: Key Words：safe harbor rule for forward-looking statements, forward-looking information, stock price synchronicity