Study On The Influence Of Accounting Conservatism On Stock Price Information Content From The Perspective Of Enterprise Life Cycle

In the capital market,the optimal allocation of resources is mainly realized by the influence of the information on the stock price,and the factors of the market,the industry and the company are the main sources of the influence on the stock price information.The essence of the stock price information content is the reflection of the quality information of the company level in the stock price.The more the company's characteristic information included in the stock price,the more the stock price is closer to the real value of its company(Zhao Meng,2012),the more effective the influence on the market resource allocation.However,based on the current situation of China's capital market development,the stock price information content of China's listed companies is more common than that of the developed countries At a low level,the stock market shows an obvious phenomenon of "rising and falling".Therefore,improving the stock price information content is one of the important tasks faced by listed companies in our country at present.In recent years,the impact of accounting conservatism in the enterprises is becoming more and more extensive,and the research on the economic consequences of the enterprise has gradually become the focus of the academic circles.As one of the basic principles that should be followed in the accounting practice of the enterprise,the accounting robustness can not only restrain the motivation of the management of the management of the management,improve the future operation performance of the company and the accuracy of the prediction of the profitability,but also reduce the degree of asymmetry of the internal and external information of the company,And the cost of obtaining the information of the company by the relevant information users such as the investor,the creditor and the like is reduced.The accounting robustness of the company is different,and the information content of the stock price is different,so the accounting robustness will affect the stock price What is the impact of information content? This paper introduces lifecycle theory to divide listed companies into three lifecycles.On the basis of the overall study of accounting robustness on stock price information content,this paper attempts to study the influence of the accountingrobustness of listed companies at each life cycle on the level of stock price information content.First of all,this paper introduces the research background and the significance,the content of the research and the technical route,the research method,the comprehensive analysis of the research results of the existing literature,and puts forward the research and innovation of this paper.This paper defines the concepts of life cycle,accounting conservatism and stock price information content,and combs the related theories of this study,which lays a theoretical foundation for the following empirical analysis.Secondly,based on the existing literature research and related theories,this paper puts forward the research hypothesis,selects the variables,and selects the relevant data of A-share manufacturing listed companies in China from 2011 to 2018 for empirical research.Finally,through the empirical analysis to draw the research conclusions,and on the basis of the empirical conclusions,from the corporate level,the market level,the regulatory level and the investor level put forward relevant suggestions,and finally explain the shortcomings of this study,and look forward to the further research direction.