Research On The Impact Of Financial Technology Development On The Information Efficiency Of Stock Market

In recent years,China’s financial technology has developed rapidly.Therefore,the government has issued a series of relevant policy documents aimed at providing effective policy guidance for the stable development of financial technology,better balancing the relationship between financial technology development and risk prevention,and promoting the stable and safe integration of emerging technologies into the financial field in China.The stock market can effectively allocate economic resources in society and plays an important role in China’s economic development.With the support and guidance of national policies,the development direction and related fields of financial technology have gradually expanded to the stock market.However,the current development of China’s stock market is not mature,and there is a serious problem of information asymmetry in the market.Stock prices cannot accurately reflect the operating conditions of listed companies,resulting in low market information efficiency and the inability of the stock market to fully utilize its resource allocation function.With the gradual infiltration of financial technology into China’s stock market,and the country actively encouraging the application and innovation of financial technology in various fields of the stock market,the relationship between the two has gradually attracted the attention and exploration of scholars and professionals.Therefore,this article aims to explore whether the development of financial technology is conducive to the improvement of information efficiency in China’s stock market.Based on this,this article focuses on the relationship between fintech and information efficiency in the stock market in China,and adopts a combination of theoretical and empirical methods for research.Firstly,based on reading literature on the relationship between financial technology and information efficiency in the stock market,this article sorts out and summarizes them.At the same time,it analyzes the current development status of financial technology and its specific application scenarios and practices in the capital market.Secondly,in terms of theoretical mechanisms,analyze the impact of financial technology on the information efficiency of the stock market from two aspects: information disclosure quality and analyst earnings prediction,and propose three research hypotheses for this article;In terms of empirical analysis,this paper selects China’s A-share listed companies from 2013 to 2021 as the research sample,tests the relationship between the two by establishing a regression model,and conducts a robustness test on the empirical results.At the same time,it tests the impact path with the quality rating of corporate information disclosure and analysts’ earnings forecast errors as intermediary variables.Finally,based on the research findings,relevant suggestions are proposed from the perspectives of regulatory authorities,securities intermediaries,listed companies,and investors,in the hope that fintech can fully play its role in the stock market,integrate the core technical elements of fintech more deeply into the stock market,alleviate the problem of information asymmetry between listed companies and market participants,improve the information efficiency of the stock market,and promote financial stability and development.This article draws the following conclusions through research: firstly,the development of financial technology can improve the information efficiency of China’s stock market;Secondly,from the perspective of impact channels,fintech can improve the efficiency of stock market information by improving the quality of information disclosure and the accuracy of analyst earnings forecasts;Thirdly,from the perspective of heterogeneity,the impact of fintech on the market information efficiency of enterprises of different regions and nature in China varies.