Empirical Analysis Of China's Listed Companies In The Interim Financial Report Accounting Earnings Information Content

It has been 11 years, since the listed company of China started to disclose interim finance reports in 1993. In the past 11 years, substantial progress has been made in the interim finance reports which our listed company disclosed. However, many problems were also discovered at the same time, for example the information disclosed in the interim finance reports is lacking in timeliness, sufficiency and dependability. All of those make the information user aware of the fact that there is no information content related to their decision-making in the interim finance reports disclosed by our listed company. Therefore, whether the interim finance reports disclosed by our listed company have information content is an urgent task for us. Because the history of China's securities market is not long, the academia of china has not conducted full, deep and systemic research in this field. With this background, the paper is trying to make an empirical study on the information content of interim finance reports our listed company disclosed In the process of research, firstly, an analysis of cumulative average abnormal return is carried out Through testing the degree of deviation from zero of cumulative average abnormal return statistically in the certain test window in the days around the disclosure of interim surplus, the paper analyses whether the interim surplus our listed company disclosed has information content Secondly, an analysis of earning response coefficient is made. On the basis of samples and test window selection, a regression equation is established between the interim surplus and cumulative abnormal return. This is the quantitative analysis the paper carries out Finally, on the basis of qualitative and quantitative analysis, the paper compares the differences between the information content of the interim surplus our listed company disclosed in Shanghai and Shenzhen Stock Markets. The research indicates that the interim surplus our listed company disclosed has the information content relevant to the stock prices, and mere are differences in the information content of interim surplus in different accounting interim within the time of our research. It also reveals that no statistical distinction between the information content of interim surplus in Shanghai and Shenzhen Stock Markets. The paper also demonstrates that the interim surplus our listed company disclosed has the information content relevant to the stock prices in the test window which starts before the interim surplus is disclosed, but it has no information content relevant to the stock prices in the test window which starts after the interim surplus is disclosed. This shows that the market is capable of making an anticipated response to the interim surplus and the efficiency of our stock market has become to be "semi-strong-formula efficient".