Information Disclosure、Investor Behavior And Corporation Governance

In the development of the capital market both overseas and domestically, the information revelation is not only a very important supervising method, but a valid reference when making investment decision. The stockholders will purchase or sell their stocks based on this information. The paper will focus on the other special way of revelation—questioning and clarifying notice, and with the analysis of this method, when the corporations are questioned differently, the clarification they make will be also in difference? what factors will influence the corporation to clarify? When faced with the different types of questioning and dealing with different clarifications, is there any effect on the stockholders’cognitive behavior. What’s more, when the stockholders see this information, the operation will affect their investment? That is to say, the governance mechanism will change the cognitive of information? is investor able to change their behavior of investor after corporate made the clarifications?The research is made up of seven parts. The first part is mainly about the problems which is going to explore and the background, significance and the content. The second chapter is the theoretical analysis. On the basis of the summary of the exsisting research, the writer summarizes, compares and analyze the researches which had been made by the scholars and this is the basis of the essay. Hence, a conclusion is made that the previous research is made primarily on the timing, willingness, quality and certain reactions caused by the information revelations. Some factors, financially and administratively, do influence this action. The third chapter is the hypothesis. A hypothesis is made on the different methods that the corporations will choose to clarify different questioning. In the meantime, different clarifying will affect the investor cognitive and will change their invest behavior.in which, the corporations’reaction and decision will affect the stockholders’judgement in a degree and sometimes the investment will be corrected more or less. The forth chapter includes the research design. It includes the figure resources, variable definition, variable measurement, the methods and the models involved.The fifth chapter is the results in research. The results will justify that there is the difference in the intervals the corporations make clarification; different questioning will lead to the changes of the investors before and after the information is revealed. On most conditions, many investors will choose to sell the stocks after questioning, which may make the average total profits reduce, less than the profits made before that. investors will make decisions according to the different clarifications while the management has nothing to do with that.characteristics of governance do not change investors cognitiveafter get the information.The sixth chapter is about the result analysis. Hypothesis testing will be made and reasonable explanations will be provided.The seventh chapter is made up of conclusion, suggestions and outlooks. The clarifications will make difference in different cases and is affected sometimes by the management. The questioning from the public and media will reduce the average total profits in stocks. There are more possibilities for the stockholders to sell and cut back on the amount of the stocks. After the researches on these factors, the shifts of the stock rights have more significant effects and if questioning occurs, the quick and clear response will make up for this cognitive caused by the stockholders. In conclusion, when the corporations are questioned, a quick and clear response is a must and ambiguity and delay should be avoided. In the management, a perfect system and a positive reaction are both needed so that the better and healthy image is able to be established and the corporations are responsible for the market. What should be pointed out is that the research has its own limitations such as the inadequate samples, nonstandard classifications etc. of course, how the different quality of the information will affect the cognitive and invest behavior of investor after the corporate give the affirmation、negation and uncertain clarifaction is the next topic.