Voluntary Disclosure, Accounting Standards And Stock Synchronicity

As a significant component of China’s market-oriented economy, the stock market is growing exponentially through past twenty years. We have to admitted that it acquired remarkable progresses, but we still cannot denied that it also exposed some problems inevitably. The most obvious problem is the appearance of "move together", which reflected that there is less characteristic information blend in China’s stock price, and then effect the poor efficiency of resource allocation in capital market. As for voluntary disclosure, it is a very important channel for external investor to acquire company’s information, at the same time, it also provide important evident when they make investment-related decisions. Therefore, the voluntary disclosure has been entrusted crucial impact for the efficiency of resource allocation for the capital market. The development of China’s accounting standards is an important behavior for coming up with International Accounting Standards, since it can bring prominent improvement of the quality of accounting information. Therefore, it has important theoretical and reality significance for study whether the progress of China’s accounting standards can enhance the level of listed companies’ voluntary disclosure, and then enhance the efficiency of the efficiency of resource allocation in China’s capital market.Firstly, this article has organized the pertinent literature of the voluntary disclosure, the change of accounting disclosure and stock price synchronicity, domestically and internationally. Next, this article has mentioned three under confirmed research hypothesis of the efficient market hypothesis, information asymmetry theory and information transfer theory. After that, taking the panel data of 300 Index Constituent Stock as sample, and referring to Wang Wei and Jiang Gaofeng’s (2004) method, who use the number of announcements to measure the quantity of voluntary disclosures. Besides, with regard to Bhattacharya’s (2003) method, who uses the low transparency to measure the quality of listed companies’voluntary disclosure in China. Finally, uses Stata12.0 quantitative analysis software and builds multiple regression model as well as panel data fixed effect model, it conducts empirical tests for the theoretical hypothesis and comes to conclusions as below:(1) there is negative correlation between voluntary disclosure and stock price synchronicity;(2) the development of accounting standards enhance the negative relationship between the level of voluntary disclosure and stock price synchronicity. Finally, presenting corresponding policy suggestion based on the results of empirical tests.