Listed Companies Voluntary Disclosure And Stock Liquidity Empirical Research

As an important attribute, liquidity is the vitality of the stock market; scholars of this scope have also been paying close attention to the factors that are crucial to it. The liquidity of the market has nearly walked to the dead end during the 2008 global financial crisis when asset and currency have lost their way of exchanging with each other so that the stock market can hardly operate. Since then, the voluntary disclosure of listed companies has been widely referred to, which has provided a brand new angle for the researching of stock liquidity. Focusing on the stock liquidity, as a new trend, has been heatedly abroad.The thesis associates voluntary information disclosure and stock liquidity, and was written on the basis of the annual report and study about Shanghai Stock Exchange in 2007&2008, combining descriptive statistics and two-stage least squares methods of analysis of the voluntary information disclosure of listed companies, the impact of stock liquidity. IT is confirmed that the voluntary information disclosure would promote the liquidity of shares of listed companies, and also found that the voluntary disclosure of information in the financial liquidity of the shares of listed companies increased the largest. Specific study concludes:1. There is a positive relation between voluntary information disclosure of listed company and stock liquidity.2. Voluntary financial information disclosure of listed company caused the most changes in stock liquidity.3. The level of voluntary information disclosure of Chinese listed companies has no direct relationship with the changes in trend of liquidity.