Network Information Disclosure, Investment Risk And The Market Reaction

Information disclosure of listed corporation is one of the core content of the modern corporation financial management theory to discuss. At the same time, the listed corporation information disclosure also plays an important role in the information disclosure system of capital market. The listed corporation information disclosure can maximize the protection of the interests of investors, and promotes the rational allocation of limited resources in the capital market, maintains the order of market economy, which directly affects the operating efficiency of capital market. The Internet as the main channels of information transmission, provides one of the most abundant and quick consulting platform for information users. Most of the information users also choose through the network to search for information. Network information disclosure is one of important problems that supervision departments, organizations and the public investors pay attention to. Therefore, based on the scientific analysis method, this paper starts from the network information disclosure of the content, design, technology and other multidimensional quantization level, and constructs a quantitative evaluation index to comprehensive evaluation of the level of the network information disclosure of listed corporation, and discusses the market reaction of the network information disclosure to expand the theoretical study and practical application of the information disclosure evaluation.First of all, this paper uses normative research to summary review and evaluation of relevant theory and literature, and systematically discusses the evaluation method of network information disclosure, and has completed the construction of network information disclosure evaluation index system. secondly, according to the defects of the currently existed network information disclosure evaluation method, this paper puts forward a comprehensive weighting method for integrating comprehensive subjective evaluation and objective evaluation:the AHP-Entropy Weight method, then creates a network information disclosure evaluation index which with systematicness, objectivity and operability. Using a quantitative tool, this paper makes scientific evaluation to the network information disclosure level of the sample corporation. Finally, this paper adopts the method of multiple regression analysis to verify the effects of network information disclosure to the investment risk that the securities analysts evaluated, and uses the three-step-regression method to test the mediator effect of investment risk between network information disclosure and capital market reaction.The value of this paper is to consider the multiple dimensions of network information disclosure valuation, and adopts the AHP-Entropy Weight method which is a new evaluation method in the research about the network information disclosure, and constructs the network information disclosure evaluation index, and tests the market reaction of the network information disclosure, and offers the decision basis for interesting-related parties. The results of this research will promote the further development of research on information disclosure of listing Corporation, and provides the reference for the theory and practice workers, and plays an very important role in further improving the quality of information disclosure of listed corporation in China, and is of great significance to promote the healthy development of China’s capital market.