Research On The Influence Of Performance Information Disclosure System On Shanghai Stock Market Price Fluctuation

The information disclosure system plays an essential role in the stable operationof the securities market. In china, the information disclosure system is developingvery quickly and fruitfully, but there are still many problems need to deal with. Andthe improvement of the information disclosure system takes a very important part inthe recent reformation of our country’s capital market. So, the study on theinformation disclosure system has a certain theoretical and practical means.The paper discusses the market price fluctuation of stocks caused by thecompany’s performance information disclosure, which including2kinds ofdocuments as earnings report and earnings forecast. The purpose of this paper is toanalysis the rules of the market price fluctuation of stocks caused by performanceinformation disclosure from the empirical perspective, find the differences of the rulesand give the related suggestions to improve the performance information disclosuresystem of our country’s listing corporations.First of all, this paper defines the concepts related to information disclosuresystem, and reviews the theories about the earnings information disclosure. On thesecond place, this paper gives the evolution of our country’s performance informationdisclosure system a detailed review from the2parts of the earning information as theearnings report and earnings forecast, summarizes the current situation and changesfrom it and compares it with the performance information disclosure system in foreigncountry. Thirdly, this paper gives an empirical study to the market price fluctuation ofstocks caused by performance information disclosure by using the event analysismethod: on one hand, it compares the market price fluctuation of stocks caused byearnings report with that caused by earnings forecast; on the other hand, it comparesthe market price fluctuation of stocks caused by the kind of earnings forecast aboutloss with that caused by all the kinds of earnings forecast; finally, it compares themarket price fluctuation of stocks caused by the first earnings forecast of time aboutloss with that caused by the kind of earnings forecast about loss. At last, this papersummarizes the rules on the market price fluctuation of the stocks caused by theperformance information disclosure, finds the reasons to the differences of the rulesand sum up the relevant suggestions to improve the performance informationdisclosure system in our country. The conclusion of this paper is that: the market price fluctuation of stocks causedby earnings report is more violent than that caused by earnings forecast; the marketprice fluctuation of stocks caused by the kind of earnings forecast about loss is moreviolent than that caused by all the kinds of earnings forecast; and the market pricefluctuation of stocks caused by the first earnings forecast of time about loss is moreviolent than that caused by the kind of earnings forecast about loss.The main innovation of this paper lies in the carefully empirically analyzing themarket price fluctuation of stocks by using the event analysis method and comparativeanalysis method. Through the theoretical analysis related to the performanceinformation disclosure system and the empirical analysis, some recommendationsgained by this paper will has some certain practical significance to improve theperformance information disclosure system.