Research On The Influence Of Management Ability On Stock Price Information

With the rising of China's economy,China's stock market is growing rapidly,the position of the global stock market is also becoming more and more important.The securities market has become an important hub for China's economic operation.Therefore,it is very important for the stable development of the economy to ensure the continuous and good operation of the securities market.As an important symbol of the efficiency of a country's stock market,the information content of stock price has already become a research focus in academic and practical circles.In the past,the research on stock price information mainly focused on.corporate govemance.In recent years,with the continuous research of foreign scholars on the ability of managers,the research on managers' ability has been gradually improved at home.However,there are few literatures on the influence of the management ability on stock price information.This paper reveals the theoretical relationship between manager ability and stock price information.Through empirical testing,the higher the manager's ability,the higher the information content of stock price.It provides a new way to increase the information content of stock price.Firstly,We define the concept and measure of stock price information and analyze the theoretical relationship between manager ability and stock price information.Subsequently,the panel data was listed in 1234 listed companies from 2010 to 2015.We empirically study the influence of managers' ability on stock price information.This paper uses the stock price to contain the future accounting surplus to measure the stock price information content.We use the data envelope analysis method developed by Demerjian to calculate the management ability.The results suggest that stock prices do contain a lot of information about future accounting surpluses.The higher the manager's ability,the higher the stock price information.The hypothesis of this thesis is confirmed.Finally,this paper makes two Suggestions from the perspective of managers by analyzing the present situation and empirical results of the stock market and hopes that it is beneficial to guide and regulate the long-term stable development of China's securities market.