| The smooth implementation of the transformation of the securities market from the approval system to the registration system is inseparable from the follow-up and cooperation of the information disclosure system.China’s securities market,which has been developed for more than 30 years,has established a relatively reasonable multi-level normative system on the basis of learning from the capital markets such as the United States and Chinese Hong Kong.However,the trend of homogenization,formalization and fuzziness of information disclosure of listed companies has obviously intensified.Considering the differences in business models between industries,the Shanghai and Shenzhen stock exchanges have changed "Jurisdiction Supervision" to "Sub-Industry Supervision" since 2013,and they have issued a series of guidelines on industry information disclosure of listed companies.It formulates the key indicators of the industry and standards for differential information disclosure,in order to better convey business information about the company to information users.As an important part of the financial system,the pricing efficiency of the capital market depends on the ability of the stock price to reflect the true information of the enterprise.The change of information disclosure supervision mode will inevitably lead to changes in the behavior of enterprise information disclosure and the information environment of the capital market,and ultimately affect the pricing efficiency of the capital market.Therefore,it is of great theoretical and practical significance to explore the impact of Sub-Industry Information Disclosure Supervision on capital market pricing efficiency.Based on the above institutional background,this dissertation combines normative research with empirical research,and comprehensively uses efficient market hypothesis,information asymmetry theory,principal-agent theory,signal transmission theory,impression management theory,organizational imitation theory and management learning theory.Based on the perspective of stock price synchronization,this dissertation theoretically analyzes and empirically tests the impact,channels and economic consequences of Sub-Industry Information Disclosure Supervision on capital market pricing efficiency.The article concludes as follows:First,Sub-Industry Information Disclosure Supervision reduces the synchronization of stock prices and improves the pricing efficiency of capital markets.This conclusion is still valid after replacing explained variables,replacing samples,changing PSM matching ratio,parallel trend hypothesis test and placebo test.In addition,the alternative explanation of Sub-Industry Information Disclosure Supervision reducing stock price synchronization is excluded,and it is found that Sub-Industry Information Disclosure Supervision does not increase the noise trading in the capital market,excluding the possibility that Sub-Industry Information Disclosure Supervision reduces stock price synchronization due to increased noise trading.Furthermore,considering the regulatory effect of the external information environment,it is found that analyst attention and media attention can strengthen the inhibitory effect of Sub-Industry Information Disclosure Supervision on stock price synchronization,while the regulatory effect of investor attention is not significant,that is,with the increase of analyst attention and media attention,the inhibitory effect of Sub-Industry Information Disclosure Supervision on stock price synchronization is significantly enhanced.Second,Sub-Industry Information Disclosure Supervision helps to improve the quality of enterprise information disclosure and increase the quantity of enterprise information disclosure.This conclusion is still valid after replacing explained variables,replacing samples,changing PSM matching ratio,parallel trend hypothesis test and placebo test.The study found that the quality and quantity of information disclosure play an intermediary role in the impact of Sub-Industry Information Disclosure Supervision on stock price synchronization,which once again proves that the reduction of stock price synchronization is the role of information.Considering the impact of auditor industry expertise,internal control quality and investor protection environment,it is found that the promoting effect of Sub-Industry Information Disclosure Supervision on improving the quality and quantity of information disclosure is more significant in the sample group with lower auditor industry expertise,lower quality of internal control and worse investor protection environment.Third,from the economic consequences of Sub-Industry Information Disclosure Supervision affecting the pricing efficiency of the capital market,when other conditions are established,Sub-Industry Information Disclosure Supervision improves the pricing efficiency of the capital market,which helps to reduce the financing cost and improve the investment efficiency of enterprises.This conclusion is more reliable after replacing explained variables,replacing samples,changing PSM matching ratio,parallel trend hypothesis test and placebo test.Further research shows that Sub-Industry Information Disclosure Supervision can effectively improve the over-investment and under-investment of enterprises.When distinguishing the nature of property rights,the degree of marketization in the region where enterprises are located and the uncertainty of economic policy,it is found that Sub-Industry Information Disclosure Supervision can significantly reduce the financing cost of enterprises if the nature of property rights is non-state-owned enterprises,the degree of marketization in the region is low and the uncertainty of economic policy is high.When the property rights of enterprises are state-owned enterprises,the degree of marketization in the region is low and the uncertainty of economic policy is high,Sub-Industry Information Disclosure Supervision can significantly improve the investment efficiency of enterprises.The main contributions of the article are as follows:first,the article finds that Sub-Industry Information Disclosure Supervision can reduce the stock price synchronization,improve the pricing efficiency of the capital market,and enrich the research on the effect of SubIndustry Information Disclosure Supervision.In the context of the implementation of the registration system,information disclosure should fully take into account the needs of information users,thus leading to the innovation of the rules of information disclosure system.This dissertation focuses on the influence of Sub-Industry Information Disclosure Supervision on capital market pricing efficiency,and examines the regulatory effect of external information environment on the relationship between Sub-Industry Information Disclosure Supervision and capital market pricing efficiency from the perspectives of analysts,investors and media,which provides a practical basis for regulators to adjust the regulatory policy of information disclosure,improve the external information environment and optimize the behavior of corporate credit and interest disclosure.Secondly,this dissertation finds that the Sub-Industry Information Disclosure Supervision can improve the pricing efficiency of the capital market,and expands the research on the influencing factors of the pricing efficiency of the capital market.This dissertation discusses the impact of Sub-Industry Information Disclosure Supervision on stock price synchronization,verifies that the reduction of stock price synchronization in Sub-Industry Information Disclosure Supervision is the information play effect,and excludes possible "noise view" interpretations,and expands the research on the influencing factors of stock price synchronization from the perspective of capital market information disclosure supervision..Third,it clarifies the influence channels of Sub-Industry Information Disclosure Supervision on capital market pricing efficiency from the perspectives of information disclosure quality and information disclosure quantity,which is conducive to in-depth understanding of the inherent logic of the impact of Sub-Industry Information Disclosure Supervision on capital market pricing efficiency,and provides a reference for improving capital market pricing efficiency.Fourth,the conclusion of this dissertation not only provides empirical evidence for the implementation of Sub-Industry Information Disclosure Supervision to improve the efficiency of enterprise capital allocation,but also enriches the research on the influencing factors of enterprise financing cost and investment efficiency.Focusing on the signal mechanism and feedback effect of stock price,this dissertation discusses that Sub-Industry Information Disclosure Supervision brings about the improvement of capital market pricing efficiency,which reduces the enterprise financing cost and improves the enterprise investment efficiency,and verifies the positive influence of capital market supervision on enterprise investment and financing decision-making and capital allocation efficiency.The conclusions of this dissertation provide empirical support and policy basis for regulators to improve the guidance mechanism of industry information disclosure,guide enterprises to actively disclose industry operational information,and improve the professional ability of analysts and media. |
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