Research On The Efficiency Of Information Of Earnings Of The Listed Firms Of Our Country

Due to nearly ten years' development, the security market has gained great achievements as soon as the sums of listed firm or total valuation of the shares are concerned. But the security market of our country still is a new one. Therefore there are some defects in some aspects, especially in information publication of listed firm. The "Zhongchuan International", "Nantong" and "Hunan Haili" accidents broke out several years ago, and the "Yinguanxia" and "Macat" accidents popped up recently. Thus results in investors' greater suspicions of the information that the listed firm published. But information, especially on earnings is the basis of strategies of investors. Thereof, this paper has an empirical study on the quality of information of the listed firm. This paper can be divided into five parts.The first part introduces the background and ways of the research and defines the related concepts. The financial report is intended to supply the users with related information. The security market is an information trading market to a great degree. Therefore, the publication of financial information is an important factor for a security market. So it is important to study the quality of financial information that listed firm supply. The quality of information is embodied by its usefulness and valuation. That is to say, when new information is published, security market reacts to it obviously, such as the changes of prices and (or) trading quantity.The second part surveys the related researches. In the part, this paper introduces the two sectors of the accounting on security: information perspective and measurement one. On the basis of EMU, the information studies the relationship between financial information and prices of shares. However, the measurement perspective lays more emphasis on the internal valuation of shares and analyzes the impacts that the information has on the prices of shares by some models. There are some differences between the two points, but they have the same final aim. Then this part introduces the EMH theory. According to this theory, the markets efficient can be divided into the weak, semi-strong and strong forms. And there is a good relationship between the quality of the information and the efficient of security market. Finally, this part introduces present situation of researches at home and abroad. In line with the researches abroad specialists, financial information has some usefulness, and different indictors have different usefulness. But according to the experts of our country, financial information is useful, but the usefulness of it decreased by and by.The third part studies the valuation of financial information of listed firm of our country empirically in light of the information perspective and measurement one. In the information perspective, this part uses CAR and ERG, the two ways. In order to avoid of un-financial information's influence and improving accuracy, this part defines the WINDOW from -10 to 10. In the measurement perspective, the Ohlson-Feltham Valuation Model will be used. And this part chooses listed firms of the Hu-Market and Shen-Market as samples and regards EPS as an index that measures the earnings of these firms. It can be found that the financial information has some valuation to some degree; EPS is beneficial to prices' determination of shares; but the efficiency is in the decline. At the same time, there is more serious phenomenon of advanced reflection of the security market. And there are some supervision phenomena in the market viewed from the symbol of coefficients.The forth part does discrimination study of the financial information on the basis of information and measurement perspectives. In the information perspective, this part makes the use of regression model, while in another perspective; model of earnings' capitalization will be used. In this part, earnings are divided into permanent earnings and transitory ones, and the mail profits as a proxy variable of permanent earnings. Then this paper studies the qualities of them. Viewed f...