The Empirical Study On Information Content Of The Shanghai Stock Market's Three Quarters Accounting Announcement

China's stock market in promoting the development of the national economy, especially in the promotion of corporate finance,to improve the allocation of social resources,to promote the restructuring of state-owned enterprises and the construction of the capital markets,plays an increasingly important role.It has become an important part of promotion of national economic health,stability and sustainable development.The disclosure of related information is a very important part when the stock market operates.In recent years,with China's increase in the number of listed companies,listed companies to gradually standardize the information disclosure system, quarterly financial reporting is becoming an important component of the China's securities market information disclosure system.The preparation of quarterly reports provides timely and effective information for investors to grasp the operating status of listed companies,investment decision-making information,and to predict the next phase of the surplus.With the disclosure policies for the quarterly reports are implemented,quarterly reports on the analysis of decision-making for investors also play an increasingly important role.In that case,the market how to response the surplus information of quarterly financial reports deserves study.Therefore,this article will do a empirical research for the Shanghai A-share market listed companies in the third quarter of the information content of financial reports.In the course of empirical research,this article selected years between 2003 -2008 the Shanghai A-share market's 577 listed companies in the third quarter financial report on the study sample,select the third quarter financial report released eight days before and after the time as the time window,analyses the changes of Cumulative Abnormal Return(CAR) before and after the disclosure of the three quarterly financial reports. Second,Uses Earnings Response Coefficient(ERC),Unexpected surplus(This paper uses(UEPS) as the variables) as independent variables to the time window and Cumulative Abnormal Return(CAR) as independent variables,establishes a regression equation and regresses it.Finally using the results to test the whether the three quarterly financial reports with information content and market efficiency of the Shanghai A-share market.Empirical results show that the Shanghai A-share market supervisor of the third quarter the company disclosed financial reports with the information content of earnings information,and Shanghai A-share market to be able to distinguish between different types of earnings information,the results tend to Shanghai A-share market is basically in semi-strong efficiency.