The Impact Of Corporate Debt Information Disclosure On Market Under The Background Of Deleveraging

Since the 2015 economic work conference at the end of the year established the task of supply-side reform,deleveraging has become a hot spot.And debt information disclosed in the annual report has become a significant signal that enterprises and invertors both need to focus on.In order to explore the influence of deleveraging on the market and the relationship between debt information and market,this paper,based on the volume of trade and prices,uses new data to carry out an empirical analysis.This paper mainly does the following research work:Hrstly,the symbolic test is used to observe whether there is an obvious growth trend in transaction volume and price before and after deleveraging:secondly,the Moses variance test is used to compare the changes of blue-chip stocks and non-blue-chip stocks before and after deleveraging;thirdlya review model is established to describe the correlation between the relevant debt index and market price and transaction volume.The results show that:(1)In key industries,there is am obvious trend of price growth in the stocks of enterprises with declining asset-liability ratio,but no obvious trend of transaction volume growth;(2)Non-Blue-Chip stocks react more strongly to the loss of asset-liability ratio than Blue-Chip stocks,but it did not show any marked difference in price;(3)The abnormal trading volum is positively related to the current liabilities,non-current liabilities as well as Long-term debt and working capital ratio,and it is negatively related to the net cash in investment activities.The abnormal trading returns is is positively related to the current liabilities,and non-current liabilities,which is negatively related to the net cash in operational activities.