| The information released by listed companies is one of the most influential external factors in the stock market, which plays a direct role in the securities market. Information disclosure of listed companies in the annual report of can make investors know about each company’s profitability, operating conditions and the development of each company it provide useful information for investors to make decisions. The investment decisions of investors, each listed company’s stock price fluctuations are closely related with the market information, in other words, the stock market is actually an information market. China’s securities market is based on information disclosure, the flow of the basis of the stock market is access to all relevant information and information processing, and the validity of the securities market to a large extent depends on the reaction of stock prices and on all the relevant information and processing conditions.China’s stock market has developed over20years, and has been developing steadily. China’s accounting standards and financial reporting system require listed companies to disclose financial and non-financial data in the various aspects of the accounting reports.The use of market information efficiency of stock market is high or not, the stock price and annual reports of listed companies in China released by the financial indicators are relevant or not, according to the annual report published by the letter of financial indicators investors do their investment decision-making that can bring considerable benefits or not, we are concerned with stock price are relevant with which factors, and investors are more concerned about what the information in its annual report, how this information affects the stock price, which an annual report of financial indicators can provide a maximum reference value to investors. These need in China’s capital market to find the answer. These are the theoretical significance of the problem also has practical significance. The use of market information efficiency of stock market is high or not, the stock price and annual reports of listed companies in China released by the financial indicators are relevant or not, according to the annual report published by the letter of financial indicators investors do their investment decision-making that can bring considerable benefits or not, we are concerned with stock price are relevant with which factors, and investors are more concerned about what the information in its annual report, how this information affects the stock price, which an annual report of financial indicators can provide a maximum reference value to investors. These need in China’s capital market to find the answer. These are the theoretical significance of the problem also has practical significance.On the basis of the efficient market hypothesis, I analyzed the China’s securities market effectiveness, and also analyzed the reaction of a listed company’s annual report the extent of the indicators of the effectiveness of the size, and then make the basis for the effectiveness of the stock market in recent years. With the further improvement of China’s further economic development, we need that China’s stock market has validity. This article can provide more information to build more of the effectiveness of securities market, to provide investors with investment decisions and value judgments, and make recommendations to further improve the effectiveness of securities markets. |
