Study Of An Empirical Analysis Of The Influence Of Extent On Stock Liquidity Of Listed Companies

With the deepening of the market-oriented, more and more companies and outsideinvestors enter the capital market, information disclosure as an important channel ofcommunication between the two, and its role has become increasingly prominent. Isbecoming more and more concerned about their disclosure of information of listed companieswhether or not to be the concern of the investors? To promote the investment behavior? Giveyourself good economic consequences? The essence of a public company listed oninformation disclosure quality problem.In this paper, the liquidity of the shares of listed companies as a form of expression of theeconomic consequences to study the quality of information disclosure of listed companies forstock liquidity. Integrated use of theoretical and empirical analysis, qualitative andquantitative analysis, research methods combined dynamic and static analysis. Carding andsummarized the theoretical part of the previous studies, asymmetric information theory, signaltransduction and information screening theory to build the analytical framework. Pointed outthat due to information asymmetry between company managers and outside investors,managers hope to deliver better operating results signal to outside investors through a goodquality of information disclosure, and attracting investment; external investors by listedcompanies the disclosure of information to the screening of the company’s affairs, makeinvestment decisions. From both the perspective of quality of information disclosure wouldimprove the liquidity of the company’s stock. The empirical part of select2009to2011for thesample of non-financial companies listed on the Shenzhen Stock Exchange A-sharesalternative quality of information disclosure, disclosure of information disclosure qualityevaluation results to the Shenzhen Stock Exchange, the bid-ask spread, turnover, and effectiveflow rate of the comprehensive measure the stock liquidity establish regression models weretested. The empirical results show that: the higher the quality of information disclosure, thesmaller the bid-ask spread, the higher the turnover rate, the effective flow faster. From thethree angles were verified with the improvement of quality of information disclosure, thelisted company stock liquidity also accelerated. Empirical research of this paper reflects boththe beneficial conclusions: one is to improve information disclosure quality have greater impact on stock liquidity;2it is China’s shenzhen stock exchange listed company informationdisclosure quality evaluation results are practical and effective.On the basis of empirical analysis, this article to our country stock exchange trading andother securities institutions are proposed: to study the shenzhen stock exchange forexamination and assessment of quality of information disclosure of listed companies, promotethe improvement of the listed company information disclosure quality, make our countrycapital market towards the direction of more healthy and effective.