An Empirical Study On The Quality Of Information Disclosure And Abnormal Stock Price Volatility Of Listed Companies

Listed company's related party transactions widely exist in the company's daily business activities.Because of the advantages of building an internal capital market,easing financing constraints and reducing tax expenditures,related party transactions are a common phenomenon in the operating activities of the joint-stock company system.The transaction itself has the characteristics of complexity,concealment and importance,and it is often used as a tool for large shareholders to capture company interests and management earnings management.Without the timely,accurate and complete disclosure of connected transactions,it is difficult for investors to obtain real information about the company's major business decisions,financial status,operating results and cash flow,which will further aggravate the information asymmetry and make the stock price fluctuate abnormally The possibility of increasing has caused the interests of the majority of investors to be violated.Improving the quality of information disclosure of related party transactions can reduce black box operations,prevent the occurrence of false related party transactions to a certain extent,prevent the use of related party transactions to manipulate stock prices,help form the company's external monitoring mechanism,and restrict the use of related party transactions to hollow out listed companies,As far as possible to ensure the fairness of connected transactions.Therefore,based on the theory of principal-agent and information asymmetry,this paper analyzes the impact of information disclosure quality on related party transactions and stock price fluctuations,which has strong theoretical and practical significance.Based on the above background,this paper analyzes the mechanism of the relationship between related transactions,information disclosure quality and stock price fluctuations on the basis of combing relevant domestic and foreign literature,introducing relevant concepts and theories,proposing relevant hypotheses and conducting relevant empirical research.The article takes the listed companies of Shenzhen Stock Exchange as the research object in 2016-2018,and examines the relationship between related transactions,information disclosure quality and stock prices in turn,and then analyzes whether the quality of information disclosure has certain relationship between related transactions and stock prices.In the analysis,the related transactions are classified and studied according to the benefit flow of the related transactions,and the research conclusion is consolidated through the robustness test.The study found that:(1)Related party transactions significantly amplify stock price volatility,which is not conducive to the improvement of the company's stock return rate;(2)Information disclosure quality and stock price volatility show a significant negative correlation,that is,The higher the stock price,the less frequent abnormal fluctuations will occur;(3)The quality of information disclosure has effectively alleviated the adverse impact of connected transactions on the stock price and raised the level of stock yield,but the effect is not significant enough,and the existing price needs to be improved.Information disclosure system;(4)When the related party transaction is paid,its adverse impact on the stock price is significantly greater than the benefit-type related party transaction on the stock price,that is,when the listed company is a benefit exporter in the related party transaction,the company's Stock prices are vulnerable to adverse effects.The results of the robustness test once again verify the above conclusions and improve the reliability of the empirical results.