| Information disclosure is the capital market to investors to fully display their way. True, comprehensive, timely, effective information disclosure will help investors to understand the development strategy, the listing Corporation management status, financial status, the status of the industry and other key elements of the investment. Help the investors to make a capital investment decision right, but also objective response to the enterprises in the capital market value The share transfer system of small and medium-sized enterprises is the new Sanban as OTC market nationwide emerging up, with the Shanghai stock exchange market and Shenzhen stock market more, rules and laws and regulations need to be perfected.As of 2015 03 months 15 days in the new Sanban market transactions the total listing 2150 enterprises, mainly divided into two sections, one is the two network and delisting plate have a total of 59 enterprises; the other is the listed company plate have a total of 2091, listed company plate according to the transaction type, and is divided into take agreement transfer transaction 1893 home market transactions, and 198. In view of the two network and delisted companies account for a small proportion in this paper do research, but the enterprise agreement for the transfer of the transaction for bargaining, the transaction is not active, the transaction in the enterprise after the listing has been since no transaction have as many as 1768, other transactions transfer agreement enterprises generally also only 1,2 transactions, the price agreed by both parties, the chief factors affecting the larger. In conclusion, this paper will be the new Sanban market transactions in the plate to the company as the research object, the impact on the stock price of the financial information disclosure of the company.Due to the new Sanban market just facing the whole country and from August 25,2014 the market maker system before formal operation. At this stage the new Sanban enterprise information disclosure is still relatively scarce, from June 30,2014 to 2015 03 on Sept.25, the transfer of shares in the national enterprise system all listed company information disclosure announcement amounted to 33540,7 pieces of information disclosure of the listed must be deducted from each (including hanging card transfer indicative notice, the audit report, opinion of counsel supplementary submissions, lawyer, broker recommendation, the articles of association of the company, the company shares transfer instructions),2150, every 7, listing period must disclose information together with 15050, weekday information disclosure of total 18490, average each disclosure of information 8.6, mainly is the major matters of the resolution of general meeting of shareholders, the company announced the annual financial report, the main disclosure documents are the corporate compliance documents or the financial report of the company and relevant financial information. So in the new Sanban the emerging capital market, the relationship between disclosure and corporate financial information that listed companies stock prices is how.This article will from the angle of financial management, to make quantitative research on the small and medium-sized enterprise financial information before 15 March 2015 listed the new Sanban market transactions in 198 by the disclosure of the influence on stock price. This paper first on the side of the trade enterprises select effective samples, determine the corresponding sample selected time gap in price by using the arithmetic average method, and another several important financial indicators such as:basic earnings per share of net income, operating income growth rate, asset liability ratio. An analysis of the relationship between financial information disclosure and the shares of the company. The above samples regression statistical analysis, linear correlation statistics through SPSS software, analysis theory to find the relationship between the correlation between financial information disclosure and company’s stock price by using correlation, and find out the most closely indexes for basic earnings per share and net profit index, using linear regression analysis method, to confirm the linearity between the net profit per share and stock price regression equation.Through the research and analysis for the new Sanban market maker trading by financial information disclosure of listed companies on the stock price influence, draws the following conclusion:Hand hope new Sanban market making enterprises understand the financial information disclosure especially the basic earnings per share of net income information disclosure on the stock price changes have significant correlation, timely make favorable financial information disclosure reflect the company’s profitability, growth, against the debt repayment risk and continuous operation, and standardize information disclosure of listed companies, let investors fully understand the listing enterprises, in the normal production and operation of enterprises at the same time, the company’s share price will rise as well, improving the value of enterprises in the capital market, and to help enterprises solve the financing problems of enterprise financing smoothly.On the other side because there are significant correlation between disclosure and corporate core index several financial information in stock, and now rules the disclosure of financial information for the annual new 3 board, if the new Sanban can increase the frequency of increased disclosure, semi annual report or quarterly, supervision and strengthen the financial information disclosure, so that more fully reflects the real-time value of enterprises these financial information, for investors to grasp the trend of stock price and stock price, analysis of enterprise to promote the reasonable value, market transactions active degree, and then make the new Sanban and give full play to the function of financing, but also to prepare for the next step the new Sanban auction. |
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