Information Disclosure,Transparency And Efficiency Of Capital Market

This paper tries to use for reference and synthesize research production about corporate information disclosure, following such study clue — from exogenous disclosure problem to endogenetic disclosure problem , then to systemic disclosure problem, and makes use of asset pricing theory, contract theory and games with incomplete information, reveals listed company's information disclosure effects on capital market's equilibrium pricing and efficiency. It also investigates adverse selection behavior and aftereffect between participants (listed companies, trades, government and so on )who have heterogeneous information. This paper deeply exams the systematic problems of listed company's information disclosure in two following ways: theoretic research and empirical research. On one side, by theorizing models, we explains the reactions of asset price to corporation information disclosure, the effects of capital market microstructure factors to corporation information disclosure and proprietary cost and market competition how to influence decisions-makings of corporation disclosure, the relation among corporation transparency, capital cost of listed company and quality of capital market; On the other hand, aiming at some mostly information disclosure problems in our stock market, we carry through six important empirical researches: systemic proving information effects of IPO discount price; information contents of annexing reporting; the relation between product market competition strategy and corporate disclosure degree; transparency effects on capital cost; the relation among transparency difference because of market segmentation, capital cost of listed company and efficiency of capital market.This paper contributes to voluntary disclosure research in six respects: 1. Establishing a theoretical frame and a logical clue, "from external disclosure to internal disclosure and to systematical disclosure", used in research of corporate disclosure, which lead to sum up three crucial problems with respect to the motivation,...