Information Disclosure,Analysts Following And Stock Price Volatility

China capital market has been continuously developed and perfected since its establishment in the 1990 s,meanwhile has achieved remarkable achievements.It has become an indispensable part of China's market economy and one of the most dynamic securities markets in the world.However,there are still gaps between the overall efficiency of China's securities market and other mature capital markets'.In recent years,the stock market turmoil is obvious and some companies' stock price volatility are drastic,so the further study will focus on how to further stabilize and improve the stock market.Based on the data of A-share listed companies in China from 2010 to 2015,and following the domestic and foreign scholars' research,this paper further explores and studies the relationship between information disclosure and the volatility of stock price return.At the same time,analysts follow up on the factors that change the relationship between the two.The empirical results show that there is a significant negative correlation between the quality of information disclosure and stock price volatility.Compared with the state-owned enterprises,the quality of information disclosure of non-state-owned enterprises is more significant for the volatility of stock prices.Analysts 'follow-up numbers and analysts' earnings forecast accuracy will weaken the negative correlation between information disclosure and stock price volatility,and the analyst's earnings forecast divergence will strengthen the relationship between the two.The conclusion of this paper shows that the quality of information disclosure has played a positive role in stabilizing the volatility of stock price,and the follow-up behavior of analysts will also have an impact on the quality of information disclosure.This conclusion is of great significance to continue to optimize China's capital market as one of the emerging capital markets.