An Empirical Study On The Impact Of Placards On The Quality Of Stock Market

In order to standardize the order of the market and promote the benign development of the capital market,the domestic company law must be carried out in the "Regulations on the Administration of Acquisition of Listed Companies" stipulated that the proportion of institutions and individuals holding domestic listed companies is 5%or 5%of the total share capital of the Company Announcement,the industry will be the announcement as a placard statement from the so-called the first year of the brand since 2015,placards in the capital market influence gradually investors in the market attention,frequent insurance funds is more concern.In this context,the study of the impact of listed companies on the quality of the market began to highlight its important role.In this paper,from the 2015 to 2017 A-share market listed companies on the placards as a sample of the placards of the corresponding stock market quality of the impact of the study found that compared to the event before the placards significantly increased the corresponding The liquidity of the stock weakened the effectiveness of the market,but did not increase the volatility of the corresponding stock.In addition,the placards announcement there are different degrees of information disclosure.Although the 2015 and 2016 insurance premiums were highly controversial,the change in the quality of the stock market of listed companies was not significantly different from whether the premium was for insurance funds.This paper also studies the factors influencing the fluctuation of liquidity and market effectiveness.It is found that the total number of shareholders and the price-earnings ratio have a positive effect on the increase of liquidity,the net book value,the net inflow rate of the main fund and the quarterly asset-liability ratio.Of the increase in the negative impact;whether the proposed increase in the price of cards and net profit growth rate for the corresponding stock market decline in the effectiveness of a negative impact,price-earnings ratio for the decline in market efficiency has a positive impact.In this process,the herding effect and the information transfer effect all produced different degrees of effect,but the stock locking effect was not found to have significant effect.