Research On Disclosure Of Enterprise Value Information And Market Response

Along with the economic development and growing prosperity of capital market, the Information provided by the current financial reporting present a increasingly large information gap, and constantly questioned by interest-related parties. It can be viewed that, from the criticism of the current financial reporting by both the academia and physical circles, it is nothing but criticizing that the information disclosured by the reporting is out of keeping with the times, and cannot reflect the enterprise value truly nor satisfy the information needs of the enterprise value-related parties. Meanwhile, in the background of promoting steadily capital market opening-up, more and more companies go abroad and more Qualified Foreign Institutional Investors(QFII) step in domestic capital market.The value-related parties domestic company faced are increasingly diversified and complicated. Information disclosure can not only get bogged down in the securities market information disclosure system and also should meet the foreign value-related parties'basic requirements for enterprise value information disclosure.Therefore, the research on the enterprise value information disclosure has important theoretical and practical significance for strengthening information transparency, promoting enterprise value and perfecting information communication mechanism of capital market.Firstly, this paper analyzes the demand and supply of enterprise value information from the angle of economics. It also analyzes the disclosure of enterprise value information combined the principal-agent theory, signal transmission theory and effective capital market hypothesis theory to pave the way for the following empirical study.Then,?this paper obtained 110 A-share listed company for study samples from all the companies in shenzhen stock exchange listing. Firstly,it used the cumulative abnormal return method of event study method to measure the market reaction based on valuations changing by investors. Specifically speaking, it chose the excess earning rate as the variable to measure the market reaction, and compare the market reaction of two groups of samples in the same cross section, which have different disclosure level of value information. Secondly, the paper used the intrinsic value per share as the index to measure coporate value, and chose the company value as the variable to measure the effect of enterprise value information disclosure. It established the multivariate regression model to analyze the relationship and its significant degree between the level of enterprise value information disclosure and the intrinsic value per share, in order to discuss the relationship between the level of value information disclosure and enterprise value as well as verifying whether the information disclosure can help promoting the value of corporate value.According to the empirical analysis on the market reaction of the listed company value information disclosure, it found that different levels of value information disclosure would cause significant different degree of market reaction. It come to a conclusion that different levels of value information disclosure can affect the investors'behavior. It also can alleviate information asymmetry between information supply and demand, and help to improve the relationship between the investors and agent.In addition, it come to a conclusion from the multivariate regression analysis that it has a positive impact on promoting enterprise value whether the listed company increasing the quantity of disclosure of value information or improving the quality of disclosure of value information.Nevertheless, the general level of value information disclosure of Chinese listed companies is still need to be enhanced. It urgently need to structure a perfect value information disclosure system and strengthen the supervision to disclose behavior of the listed companies.Therefore, the fourth chapter of this paper puts forward related suggestions from the four angle including the external environment, the constructing of value information disclosure system, the perfecting of value information assessment and the supervision to the disclosure of value information. It expects the suggestions can help to improve the disclosure level of value information of listed company in our country and realize the maximum interests of the enterprise value-related parties.