| The securities market in our country still has certain gap on the overall operation efficiency compared to the mature capital market.Stock synchronicity is a tough problem that has been bothering China's stock market for quite a long time.In the stock market,investors collect information and make investment decisions accordingly.Continuous trading makes stock price contains firm-specific information of the company.Securities analysts use their professional knowledge and information collecting ability,to provide effective information reflecting the intrinsic value of securities to investors.Therefore,the accounting information quality and analysts forcast behavior theoretically have significant impact on stock price informativeness,however,under the special background in China,their influence on stock informativeness is still subject to further inspection,which is this article's research subject.This article empirically tests the effects on stock price informativeness of earnings management and analysts forcast with the database of our country A shares non-financial listed companies in 2011-2015.The results show that the high degree of earnings management of listed companies will lead to the stock price contains less information about the company level,and the securities analyst's information search activities can improve the information content of the stock price,so that it contains more firm-specific information.With the improvement of the quality of accounting information,the dependence of investors on the analysts is gradually reduced,investors pay more attention to the information of listed companies directly,indicating that the quality of accounting information should be more attention in the capital market.This paper enriches the literature about earnings management,analysts' forcast and stock price informativeness,and provides some experience to optimize the operation efficiency of China's securities market and improve the effectiveness of the securities market. |
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