Banking Research On Accounting Information Disclosure Of Listed Companies And Stock Price Reaction

The finance industry plays a significant role in the economics and financedevelopment of our country in recent years. The fast development of banking industryattracts increasingly small and medium investors, since more and more capital has beencontinuously invested into it. Undoubtedly, the financial statements of the listed companiesare the major information sources for these investors. Based on the relevant theory ofinformation closure, the paper tries to explore the factors that will affect the stock pricechanging duration after annual report disclosure. Then obtain indicators system about thefactors, which will not only be helpful in carrying out some meaning suggestions toinvestors, but also be useful in study banking and capital market performance forenterprises, institutions and individuals.This paper firstly reviews related researches about the relationship between theinformation closure and changes of stock price. Then, according to data of listed banks, thepaper creates a model of the stock price reflection to the annual statement closured by thelisted banks. According to the model, an empirical research is done depending on data of16listed banks. Firstly, the survival method of Kaplan-Meier is used to explain thesimilarity between the days that makes the stock price get rising and down after the closureof the financial statement. Secondly, under the help of Cox model, the paper not onlyestablishes a survival formula, but also analyzes the factors that might affect thetime-duration of stock price fluctuating. Eventually, the conclusions figure that the8financial factors, as well as the exchanging volume and price factors, are the10key factorsthat have obviously impacts on the duration of the stock price rising or dropping.Comparing to the fiscal performance indicators in the financial statement of the listedbanks, the technical factors have less effect on the persistence of the stock price changing.Under the result of the features of bank financial statement and the present circumstance ofChinese stock market, further discuss and analysis are made to enrich the empiricalresearch considerations.To sum up, some useful suggestion has been given to improve the model, and alsosome limitations of the research have been indicated for further research.