Research On The Relationship Between Disclosure Quality And Stock Price Of Listed Companies In China

From its inception to the present 20 years,the stock market of china,both in terms of scale and system construction,has made great development,but it also has exposed some problems about the information disclosure system.The relationship between disclosure quality and stock price of listed companies is an important perspective to research on the stock markets.At present,the research of foreign scholars mainly based on the efficient market hypothesis and correlation analysis of the disclosure quality and stock price synchronicity.According to the research of many foreign scholars,the disclosure quality and stock price synchronicity are negatively correlated in the developed countries,while they are positively correlated in developing countries.In this paper,taking the integrity,authenticity and timeliness into account,we have set up a more comprehensive evaluation system.We use AHP to determine the weight of each index,which is very important in the calculation of information disclosure score.We use information disclosure score as the disclosure quality index.In order to quantify the changes of stock price,we use daily return data of listed companies and SSE composite index data of the Shanghai A shares by the year of 2011 to obtain stock price synchronicity index.In the control of some relevant variables,we found that the disclosure quality and stock price synchronicity are positively correlated.Our study proves that the disclosure quality level of China listed Companies needs to be improved.