The Relationship's Research Between The Information On Quarterly Financial Reports Of The Public Company And Stock Prices

The generation and constantly improvement and perfect of quarterly finance reports has increased the efficiency of information disclosure. It is more useful in decision making than year and interim finance reports. Because of these quarterly finance reports are helpful in getting rid of information dissymmetry and incompleteness. They are also helpful in realizing fairness and efficiency of stock market. They have gradually become the hot topic of research. It has been seven years since the listed company of China started to disclose quarterly finance reports in 2002. In the Past seven years,substantial progress has been made in the quarterly finance reports which our listed company disclosed. However,there are many blanks in the theories research. For example,how is the relevance of the disclosure information on quarterly financial reports of the public company and stock price,can it be derived from quarterly financial reports about the useful information to investors'decision? How the information influence on the stock price? For the stock price,which is influenced bigger by the information,the stock price or fluctuation of stock price?What kind of market is China's Shanghai stock market,it is to reach weak form efficient marker or to reach semi-strong form efficient marker?This paper based on above questions,according to the information on quarterly financial reports of the public company in China's resource Plate in Shanghai from 2003 to 2007,deriving the available information from the company's quarterly financial reports based on the research literature and the conclusions,and leading into risk indicators,using the relevant analysis and the regression analysis to research related issue between the disclosure information on quarterly financial reports and stock prices based on efficient marker hypothesis. First,using the econometric method,this paper analyzes the relevant degree between the selected indicators and stock prices. To explain better the regression equation from the relevant analysis,this paper uses the relevant analysis to comprehend the correlation between the indicators on the equation. Secondly, according to previous established regression equation,this paper analyzes how the selected indicators influence together stock prices from the results of the F test and the R2 test,and analyzes multi-collinearity between the indicators on the equation from the results of the T test. In order to better comprehend the influence degree of each indicator on stock prices,this paper carries out R2 test to stock prices for each indicator. According to test results,this paper analyzes comprehensively the influence degree between the information on quarterly financial reports and stock prices. To test whether there are other factors that affect stock prices in china's stock market,this paper carries out the heteroscedasticity test for the selected data. Again,in order to comprehend comprehensively the influence degree of the information on quarterly financial reports on stock prices,this paper uses the relevant analysis and the regression analysis to the information and fluctuation of stock price,and analyzes comparatively which is influenced bigger by the information according to test results,the stock price or fluctuation of stock price. Finally,based on the above test results, this paper analyzes the effectiveness of China's securities market.The paper based on the above findings reaches the following conclusion:There is the useful information to investors'decision on quarterly financial reports;It is growing for the explanatory power of the disclosure information on quarterly financial reports to stock prices;The influence degree of the information on quarterly financial reports on stock prices is more than that of fluctuation of stock price;China's Shanghai stock market is from Weak Form efficiency market to Semi-strong Form efficiency market. For these conclusions,this paper analyzes the cause including the information disclosure system,investors,agency,the activities of government and so on,and put forward corresponding improvement measures.