Research On The Information Disclosure Effect Of Chinese Listed Company

Information disclosure of listed companies is to establish a fair, just and open one of the important means of stock market order, is an important approach to achieve optimal allocation of resources, and realize the important premise of protection of the rights and interests of investors. Information disclosure of listed companies’ effect can be involved in asset pricing, market liquidity, and guide the decisions of investors, the allocation of resources, product competition, the listed company value, the social responsibility of listed companies, and many other aspects. About information propagation model based on the information economics theory, from the main body of information disclosure, the recipient and ultimately affect the Angle of the information disclosure of listed companies by stock price effect, investors investment behavior effect and effect of stock, market resource allocation effect three aspects has carried on the comprehensive study.This article selects the investment behavior of investors’ stock price effect, effect and the stock market resources allocation effect three aspects effect, while the selection of different angles, but between them is not completely isolated, but there is a common inner link, which will have an effect on the stock market resource allocation efficiency. From the perspective of the main body of information disclosure, the higher the quality of information disclosure of listed companies, stock prices reflect its real value and the company is able to the characteristics of information, it helps investors better understand the operating conditions, investors can choose to the stock, so as to realize the efficient allocation of resources. From the perspective of the main body of receiving information, investors of listed companies to disclose information to the deepen understanding, can dynamically evaluate its intrinsic value, investors can make investment decisions, and in the process of formation market equilibrium price and adjusted to reflect, achieve the efficient allocation of resource. From the information disclosure directly affects the stock market allocation of resources, through the improvement of information disclosure quality achieved the effect of increasing stock market resource allocation efficiency.In this paper, we study the effect of information disclosure of listed companies for the healthy development of the stock market, play to the role of the stock market to promote economic development, etc, have important theoretical and practical significance. Stock market gathered by raising the social capital and social capital makes reasonable configuration, high quality enterprise and project are more likely to get direct financing, and thus promote the social overall level of output and efficiency, promote the rapid development of national economy. According to the theory of information economics point of view, with the improvement of quality of information disclosure, information asymmetry condition can be effectively reduced, providing useful information to investors so as to better distinguish between good or bad assets, improve the efficiency of the price of the stock market, prompted investors to more accurately predict the stock’s earnings, improve the resource allocation efficiency of stock market. The effect of information disclosure of listed companies for the establishment of the stock market orderly order, for the protection of the rights and interests of investors, especially for China has not yet mature stock market are extremely important. But from the point of the present situation in our country, on the one hand, China’s stock market after more than 20 years of development, can say is taking shape, but due to the short development history, the relative lack of experience, the establishment of the related management system is still imperfect. On the other hand, listed companies as the mainstay of the stock market, although has now become the most in the economic system of our country development prospects group, with its core of the system of information disclosure system is set up and perfected step by step. But the quality of information disclosure by listed companies is uneven, the existence of asymmetric information is relatively common, easy to damage the interests of investors, especially small and medium-sized investors, the effectiveness of the stock market which is reduced, the market should also give full play to the hard, is not conducive to the construction and healthy development of stock market. So the research on information disclosure of listed companies’ effect has very important theoretical and practical significance.In this paper, we study the basic structure is:The first chapter is introduction. Introduced the selected topic background, research object and research significance, and puts forward the research ideas, the structure arrangement and the research methods, analyzes the related theory basis and literature review, the last is the innovations and shortcomings of this article;The second chapter is introduction to the theory of information disclosure. Mainly according to the theory of information disclosure of listed companies, disclosure of information propagation model, the selection of decision information disclosure, and influencing factors, the quality of information disclosure standards and measuring methods, the effect of information disclosure aspects has carried on the comprehensive description;The third chapter, Information disclosure of listed company’s stock price effect analysis. Theoretical part, first of all, analyzing information model was summarized, and based on rational expectations model of O’Hara, the asymmetric information theory model to analyze how to influence asset prices. Empirical part, firstly the disclosure of IPO pricing effect was studied, and the Chinese stocks since the beginning of establishment of the primary market is divided into six stages, and select the IPO discount rate for measure of asset pricing efficiency empirical analysis on the development of the information disclosure system and the relationship between the IPO discount rate; Next to the effects of the stock price fluctuation in the secondary market are studied, will be the beginning of establishment of China shares in the secondary market is divided into four stages, select share price volatility synchronicity to measure the indexes of share price volatility, empirical analysis of the development of the information disclosure system and the relationship between the share price volatility synchronicity;The fourth chapter, the listed company information disclosure of investors’ investment behavior effect analysis. Are discussed from the point of view of investors for information disclosure of listed companies, allows investors to understand the intrinsic value of enterprises and evaluation, the evaluation results by investors’ trading behavior is reflected in the formation of the market equilibrium price and the adjustment process, so as to realize the effects of the allocation of resources;The fifth chapter, the listed company information disclosure of stock market resource allocation effect analysis. From the information disclosure and the stock market allocation of resources are discussed by the direct relationship between the information disclosure mechanism, the influence of empirical research and through the China stock market data;The sixth chapter, analyses the current situation of information disclosure of listed companies and the existing problems. For the current situation of information disclosure of listed companies, the main analysis of the Chinese listed company information disclosure system, the content of the Chinese listed company information disclosure and the effect of the listed company information disclosure three aspects; For the problems existing in the information disclosure of Chinese listed companies, mainly analyzes the information of falsehoods and earnings management problems, delay disclosure of information and not complete disclosure, disclosure effect is not high question three aspects; Finally from the internal governance factors, regulatory factors, intermediaries and investors factors four aspects to analyze the causes of the information disclosed the question;The seventh chapter, to improve the information disclosure of listed companies effect are put forward countermeasures and Suggestions. According to the reasons of the summary of information disclosed the question in the previous chapter, targeted from the perspective of internal governance, regulation, and intermediary agencies and investors four aspects put forward the countermeasure and suggestion.This article main research conclusion as the following five:The frist is the development of the information disclosure system reduces the IPO discount rate. On the stock issue market, with the continuous development of information disclosure system, the quality of information disclosure of listed companies to rise, the issue of stock price and its real value is more and more close, IPO discount rate gradually decreased, pricing efficiency is also improved;The second is the development of the information disclosure system reduces the share price volatility synchronicity. On the stock market, with the continuous development of information disclosure system of listed company information disclosure quality to rise, so the share price volatility is more able to reflect the characteristics of information of listed companies, the stock price of synchronous fluctuation degree is reduced, the information content of stock price is improved;The thrid is by full disclosure of information of listed companies, the investors can deepen understanding to it’s, can dynamically evaluate its intrinsic value, investors can make investment decisions, and in the process of formation market equilibrium price and adjusted to reflect. In this paper, through the stock rate of turnover and stock returns volatility of the investment behavior of investors to consider:on the one hand, the higher the quality of information disclosure of listed companies, investors’ willingness to invest in stocks, the more intense, the stronger the liquidity of the stock, which embodied in turnover rate is higher. On the other hand, the higher the quality of the information disclosure of listed companies, the average investor can get the number of relevant information of listed companies and the higher quality level, therefore, the less volatile yield;The fourth is to promote the quality of information disclosure of listed companies is beneficial to the adverse selection and moral hazard between investors and, improve the efficiency of the financing of listed companies of output, finally realizes the resource allocation efficiency. But both in the micro level and macro level, the Chinese listed company information disclosure quality is lower, led to the stock market resource allocation efficiency in also is in a state of low;The fivth is based on the current situation and problems of China’s listed company information disclosure quality research; found that the whole of China listed company information disclosure quality is not high, information disclosure has not been sufficient to achieve several major effect. Studies have shown that inefficient internal governance, external supervision does not reach the designated position, the structure of the mediation is not sound and investors the overall quality is low in China’s listed company information disclosure of the main causes of poor quality.The innovation of this article points the main functioning now the following three points:The first,the integrated use of theoretical analysis, modeling, game theory analysis method etc. the influence on information disclosure of asset pricing, share price volatility, investors behavior and launched the in-depth discussion on the internal mechanism of resource allocation efficiency, laid a solid theoretical foundation for research;The second,based on the quality of information disclosure of listed companies and the stock issue market pricing efficiency, the share price synchronization volatility in the stock market, investors’investment behavior and the stock market resources allocation efficiency for a large number of empirical studies. At present, the domestic haven’t scholars within a framework of the four aspects:an empirical study, this paper, a new will these four aspects to study together, to fill the gap in this respect, in this study can form based on the information disclosure of listed companies in the field of systematic empirical conclusions;The third, in this paper, the object of study includes three main aspects in the process of the propagation of information, that is, from the main body of information disclosure, the recipient and eventually affect the Angle of the information disclosure of listed companies by stock price effect, investors investment behavior effect and the effect of the stock market allocation of resources to study the effect of three aspects, the disclosure of information of trying to study and summarizes three main stages effect produced by the systematic conclusion. And, as a result of the stock price in the stock market at different levels of performance is different, so this article from the stock market not only studied the effect of information disclosure on stock issuance pricing, also from the disclosure of information on the secondary market stock price synchronicity produce effect, thus a more comprehensive conclusion.Deficiency:paper is devoted to the research of information disclosure of listed companies stock price effect, investors investment behavior effect, the stock market resource allocation effect three aspects effect, and their mutual influence on the stock market allocation of resources, due to the stock issue market, stock market investment behavior of investors, and the stock market resource allocation efficiency, large amount of data requirements. But due to the limitations of data acquisition, and some research variable selection has been curbed, for example, the fourth chapter studies the influence of the listed company information disclosure to investors investment behavior, the empirical research part of the control variables are only selected the company size, asset-liability ratio and risk factor, although powerful introduced a conclusion, but if we can enrich the variables will be more persuasive. In future research will pass the data to collect; hope to be able to add variables to strengthen the results of the study of persuasion.