The Relevance Between Information Transparency And Stock Earnings Based On Empirical Study On The Information Transparency Of Listed Companies

The famous United States Justice Louis Brandeis has a wisdom in his book, "Other People's Money":"Opening is the good medicine for the ills of modern society and industrial medicine, sunlight is the best preservative, light is the best police". As a concrete manifestation of the principle of openness, full transparency of information is the cornerstone of capital markets. The securities market is a market that information flows. Timely, complete, true information disclosure of listed companies stock market is the specific expression of the open, fair and impartial manner principles and which are fundamental indemnity of increasing the useless of securities market.From the national securities market development process and experience, we can see that only timely, complete and true information disclosure can help the public to protect the interests of investors.Capital market is essentially an information market and perfect capital markets, and information disclosure is the most basic operation mechanism. Full transparency of information is a key factor for the company realizing the efficient resource allocation and that let limited resources to enable the flow of high productivity enterprises.Asymmetric information make that investors face adverse selection and moral hazard. Improve the information transparency of listed companies and compensate the weakness position of information using is the requirement of realizing capital market efficiency and equity.China's stock market achieved remarkable achievements after 10 years development, particularly in the construction of market-based system to the information disclosure system as the core of the stock market based system has gradually been improving, however, how does the listed companies as the main-body of information disclosure status going?How did they influence the market?Did the status of information disclosure changed? All these questions were required by the scholars and kredittilsynet.This article view point on the investors (including public investors and institutional investors) and listed companies own perspective,in combing the basis of the relevant research literature, combined with the use of qualitative analysis and quantitative analysis, standard methods of analysis and empirical analysis, with the data from Shenzhen Stock Exchange that come from 2006-2008 information disclosure of listed companies during the evaluation results as the measure of information transparency. Examination results through the establishment of information disclosure and accounting earnings of each index reaction theory and mathematical models, from an empirical point of view, using SPSS software correlation analysis to calculate the correlation coefficient between the various indicators.The writer discussed transparency of information on the accounting surplus value of the correlation with further practical SPSS, regression analysis calculated and the index coefficients in econometric model, the study found information of listed companies increased transparency can significantly improve the stock earnings value relevance .