Positive Research On Relationship Between Excessive Trading And Information Disclosure

The stock market's unusual phenomena always impact the healthy of capital market seriously, and stock excessive trading is one of the typical models. How to identify, explain and treat with the stock excessive trading phenomenon had become the important area of financial study. Agriculture listed companies directly impact on the future of China's agricultural industries, so the study of stock excessive trading in this area should naturally caused widespread concern.This thesis takes 35 agriculture listed companies which were included in CSMAR data library as the research objects. The research bases on the theory of cognitive bias in behavioral finance, chooses the exchanging rate as the measure to stock excessive trading and studies this phenomenon from the relationships between information disclosure and stock excessive trading. The research found that the publishing of that temporary information can increase the trading volume, and unclear information will cause the increase of the exchanging rate. In addition, we also find that the impaction the similar information turn-out-times to the exchanging rate is not significant, and information about shareholding structure such as share-trading reform greatly affects the exchanging rate.For the relationship between information disclosure and excessive trading, we firstly find the corresponding information about exchanging rate. According to the level of exchanging rate, the strong and weak impact groups of information are determined, and then, through the comparative analysis we get the preliminary conclusion. After verifying the preliminary conclusions by the logistic model, we put forward suggestions about how to interpret and overcome the excessive trading in behavioral finance.Based on the above empirical analysis, This thesis find that: there are close relationships between the reason that information impacts on the excessive trading and the psychological factors which are produced by investors' stimulating thinking, such as cognitive bias, regret-offensive, excessive self-confidence, the misunderstanding of chances, anchoring and adjustment deviation, disposition effect, heat hand effects, and so on. Furthermore, improving the mental patterns of the investors who are investing in the capital market is the most effective way to resolve excessive trading.