Entered The Stock Market Surplus In The Circulation Process Disclosed In The Information Content Of Empirical Research

To some extent, the information disclosure to the stock return assist in reaveling the efficiency of capital market. Split-share structure is market barriers that constrains the development of China's capital market system. Split-share structure reform was officially launched on April 29, 2005, which is essentially a mechanism to achieve the transformation to eliminate the A-share market share transfer of institutional differences. Split-share structure reform is whether that promoting the effectiveness of China's capital market development in the theory and practice are of great significance.Using the generally-aecepted method of Price test, earnings - returns between the non-linear models examined the disclosure of the information content of earnings during the process of China's capital market into full circulation,and concludes that:(1) Good performance of listed companies tend to disclose to the market ahead of the annual reports; the contrary, the Commission deadline to disclose their annual reports. However, we found that the annual reports of listed companies to disclose their performance in January is not significantly greater than 2,3 months through research; Listed companies to disclose the annual reports have a week of features that tend to disclose on Tuesday.(2) The empirical results show that the nonlinear model of security price responses to unexpected earning is better than the linear model.(3) The larger the absolute unexpected earnings,the lower the ERC. The results show that investors in the investment to be more focus on earnings quality, the functional fixation phenomenon tends to decline; distribution plan of DIV reaction coefficient suggests that investors can not use public Preparedness Information for the excess rate of return, which to some extent shows China's capital market reach to semi-strong efficiency.