Causal Analysis About The Strength Of Filter Effect In Disclosure Of Accounting Information

In order to reduce the information asymmetry in capital markets, improve the users of accounting information in decision-making related to issues, regulators have been constantly improved about information disclosure related regulations and systems. As a result, the academic community about how to enhance the quantity and quality of information disclosure has been making some achievements, especially for how to solve the asymmetric information theory, put forward a lot. Among them, increase the transparency of information disclosure and quantity of what by many scholars believe is an effective way to solve the information asymmetry. To improve transparency and information disclosure of information supply, we must examine what factors have a profound impact on both. However, what factors have impact on the frequency of and transparency of information disclosure transparency, has been no uniform conclusions.Thus, this paper play a filtering effect to resolve the information asymmetry and improve the decision-making relevant subject for study. Filtering effect is a reduction of information, which by means of increasing the transparency of information disclosure and the frequency of information disclosure to filter noise, thereby increasing the relevance of information in decision-making.The paper first interpretated of the concept of the filtering effect and mechanism of it. In this part of the study, I divided into two levels:the definition of the stock market noise and the conflict between them; definitions and explanations of the operation of filtering effect and its mechanism. This stock market has been defined as the noise disturbance and destruction of the information disclosed by listed companies, the integrity, authenticity, timeliness of the information derived. It is the disclosure of information transparency of listed companies increased as a lingering threat. Therefore, how to reduce noise, enhance the transparency of information and information supply to increase the usefulness of investor decision-making is an important way. "Filtering effect" is proposed for noise reduction concept. The regulatory authorities in order to reduce noise, regulate the securities market, to the principle of full disclosure has always been supportive attitude and support the reasons for its main theoretical support is the view that there is "filtering effect." Filtering effect, refers to the disclosure of information the higher the frequency, the higher the quality of the information disclosed, the more able, like the physics of the "filter" the same information to eliminate all unnecessary noise interference, causing the share price volatility decreases, regression and reflect the true the company's value, and to provide investors with useful, real decision-making information.Secondly, this paper illustrates the information disclosed by the quality of information disclosure frequency and the filtering effect of the relationship between the three proposed. "high transparency in disclosure of information (ie information quality) and the frequency of information disclosure to improve the organic coupling Naishi" filtering effect" Pareto optimal state of the twin-engine, "is the important point.Then, this paper do some study about whether there are evidences of filter effects in China's stock market, filter effects to what extent the strength and found that it showed a weak effect of filtering. In order to find the weak nature of filtering effect generated reasons, this paper, information disclosure transparency, information disclosure frequency and the filtering effect of the relationship between the three: namely:information disclosure transparency and disclosure frequency coupling between the effects of the hybrid filter, filter effects play an effective role to a large extent dependent on both. Within the scope of reason, the higher the transparency of information disclosure, information disclosure higher the frequency, the more obvious the effect of filtering. In other words, we use information disclosure transparency, information disclosure frequency and the filtering effect of the relationship between the three, through empirical research to find those who are strongly influenced by information disclosure transparency, information disclosure frequency filtering effect of the way the strength of indirect effects of the causes of multi-perspective to resolve to find the factors that directly affect the filtering effect of the difficulty. We are looking for reasons to follow two parallel ideas, one idea is to find those who strongly influenced by the transparency of information disclosure of the factors that indirectly affect the filtering effect, and the other one idea is to look for disclosure of information by influencing the frequency filtering effect of indirect effects of factors. I thought according to which two pairs of all possible factors that were carried out empirical research found that some factors and information disclosure transparency, information disclosure frequency is closely related to the impact of transparency and disclosure through indirect effects of the frequency filtering effect; and some relationship was not obvious, has no effect on the filtering effect.Finally this paper, makes some suggestions about how to enhance the filtering effect.The following points are main contributions of the paper:Try to put the filtering effect of stock market the concept and connotation of a whole new perspective to study the relationship among the transparency of information disclosure of listed companies, disclosure frequency and improve the effectiveness, try to finally resolve the long-troubled securities regulators on the information does not symmetry, making the problem of low correlation. In this paper, that the filtering effect is conducive to China's securities market to reduce information asymmetry, to meet the decision-making needs of investors. Then test filtering effect in the intensity level of China's securities market, thereby analyzing the reasons for the weak effect of filtering and put forward policy recommendations.In the examination of China's securities market when the filtering effect of the strength of the market model, a number of variables are been adjusted. Replaced with the level of risk in which fluctuations in the value of the variable Beta, we also introduced a number of other alternative variables to measure volatility.In this paper, we use the close relationship between transparency of information disclosure, frequency of information and the filtering effect, through the impact of information disclosure for transparency, information disclosure frequency factor groups, which indirectly caused mild filtering effect,to find a number of causes.