Study On The Relationship Between The Fiscal Financial Statement Closure Of Real Estate Corporation & Reflection Of Stock Price

The real estate industry has played an important role in the economics development of our country. As more and more capital has been continuously invested into the industry of real estate, it has been focused on by many people, especially the Small and medium investors. As for these investors, the fiscal financial statements are main information resources of the listed companies. On a basis of the relevant theory of information closure, this paper is trying to find out some useful information to investors.After a retrospect of the research on the relationship between the information closure and changes of stock price, this paper builds a model of the refection of stock price after the closure of financial statement according to data of real estate companies. After analyzing the features of the listed real estates companies, this paper embarks on the duration which is keep rising or going down after the closure of the financial statement and has an empirical research depending on data of 58 listed real estate companies. By means of the survival method of Kaplan-Meier and Cox model, this paper establishes a survival function and analyzes the factors which may reflect the duration of stock price changing .The results indicate that the operating cash flow per stock is the key factor and the exchanging volume and price also have great influence on the duration of the stock price changing. In addition,the main business growth rate also has influence on the duration of rising of the stock price. Comparing with the factors including in the fiscal financial statement of the listed real estate, the technology factors has more impact on the duration of the stock price changing. Connecting to the features of fiscal financial statement of the listed real estate and the situation of stock market, this paper has further analysis about the empirical research results.At the end of the paper, some disadvantages of the research have been pointed out and some suggestion had been given to improve the model at the same time.