Empirical Study On Performance,Annual Report Disclosure Time And Stock Price Fluctuation Of Listed Companies

In the past three years,the stock market has entered a period of malaise,which makes many listed companies' stock prices all the way down.In November 2008,there was a case of a listed company being forced to delist after its share price fell below par for 20 consecutive trading days.Other listed companies have paid more attention to stock price fluctuations,and market value management has become an important task for listed companies beside improve their performance.This paper analyzed the factors that affect stock price,and make the information disclosure content and information disclosure time into the research scope.On the basis of theoretical guidance,this paper takes annual report disclosure as the main research object,and analyze the relationship among the company's performance,the annual report disclosure time and the price fluctuations,and the role of disclosure time in the relationship between company performance and stock price volatility.The aim is to bring some conclusions of theoretical and practical significance which will provide reference for the managers of listed companies and the investors.This paper mainly refer to the method of econometric.The first in under the guidance of the theory put forward hypothesis,selected variables and build the model.Meanwhile,take during the period of 2016-2018 annual report data of Shanghai and Shenzhen main board listed company in our country and the share prices over the same period data as samples.This paper successively for each variable descriptive statistics analysis,correlation analysis and multiple regression analysis,and make the result carry out robustness test.The empirical results show that the sample data support the hypothesis.The final conclusion of this paper is that there is a positive correlation between the performance of listed companies and stock price fluctuations,and a negative correlation between the company performance and the disclosure time of the annual report,and there is a negative correlation between the disclosure time of the annual report and stock price fluctuations,and the disclosure time of the annual report has a significant regulating effect on the relationship between the company performance and stock price fluctuations.