Media Coverage And Accounting Information Quality Price Discovery Function Based On Information Asymmetry Perspective

There is information asymmetry in China's securities market,media coverage and accounting information quality are the main means of internal and external disclosure of enterprises.This article start from the price discovery function of media reports and accounting information quality,firstly reviewed the domestic and international studies concerned to asymmetric information,media reports and the quality of accounting information,then selected 2014-2016,the latest data of Shanghai a-share market and the Shenzhen-shares,to explore the media reports and the accounting information quality stock volatility,stock returns in China's stock market and the impact of stock price synchronicity.Regression results show that the media reports and the accounting information quality have the same price discovery function,internal and external information disclosure can improve the yield and volatility of stock,also can significantly decrease the level of information asymmetry of the stock market.Media coverage is an effective means of external disclosure,and the quality of accounting information of enterprises is an internal active disclosure.Media reports and the accounting information for the return on the stock price,stock price volatility and stock price synchronicity of the regression results show that the enterprise internal and external information disclosure to the stock price returns and volatility can directly influence,at the same time for the stock market stock price synchronicity levels may also be affected.Based on the research results,we can more attention on information disclosure of enterprise internal and external information disclosure level,increase the corresponding internal and external information disclosure,improve the information content of stock price.Therefore,it can be better to identify the stock price in the market environment of asymmetric information,and to make investment decisions better by weakening the asymmetric information of the market.