Research On Chinese Information Disclosure System And The Influence On Market Efficiency

The information disclosure system developed with the growth of China’s stock market during more than20years. Whether the development of the information disclosure system enhance the efficiency of the capital market?In this paper, the information disclosure system is divided into primary market information disclosure system and secondary market information disclosure system. After researching laws and regulations about information disclosure, the writer divided both primary market information disclosure system and secondary market information disclosure system into stages.This paper discussed how the information disclosure system contribute to enhance the efficiency of the capital market. The writer selected the IPO Under-pricing as measure of the indicators. With the development of information disclosure system, IPO Under-pricing decreased. This means the development of the information disclosure system is conducive to the efficiency of primary market.Then this paper discussed how the information disclosure system contribute to enhance the efficiency of the capital market. The writer selected the Stock Price Synchronicity as measure of the indicators. With the development of information disclosure system, the investors thought more about the information of the company when the selected stocks, rather than blindly follow. This means the development of the information disclosure system is conducive to the efficiency of secondary market.With the research conclusion, the writer try to give some suggestion about improving of information disclosure system.