An Empirical Analysis Of The Influence Of Extent On Stock Liquidity Of Listed Companies In China

After the reform of split share structure, more and more stocks will circulate in the capital market, and more and more investors will access to captial market. Information disclosure of listed companies is the main way that is connect listed companies and investors. In this paper, we examine the association between the level of listed companies' information disclosure and the liquidity of listed companies by a sample of SSE-listed companies, which joined the evaluation of information disclosure in China. This paper will adopt the evaluation of information disclosure in SSE as the level of listed companies' information disclosure and adopt turnover as liquidity of listed companies. The result indicates that improving the level of information disclosure could enhance the liquidity of listed companies. This paper includes eight chapters as follows:Chapter1: Introduction. This chapter discusses briefly the purpose of the research and the background of this paper.Chapter2: The changing of the system of information disclosure. Analyzing the low protect of information disclosure, and summarize the reason of information disclosure.Chapter3: literature review. This chapter educes the research of information disclosure from information dissymmetry, and review the literatures that information disclosure takes an effect to capital cost,market liquidity and the literatures that effecting information disclosure.Chapter4: Designing of the study that information disclosure affects market liquidity, including the studying sample, the studying variable, the studying model and the result of test.Chapter5: The result of this paper and the shortage of this paper. This chapter summarizes the result of the test. Then give some advice and point out the shortage ofthis paper.