| Among the many signals released by listed companies in the securities market,especially the reports that are regularly disclosed by listed companies are the most important reference for investors to make investment decisions.The reports issued by listed companies generally include those that must be disclosed in accordance with laws and regulations.Mandatory information and voluntary information that the listed company proactively announces to the outside world.Compared with mandatory information disclosure,quality companies are more motivated to disclose voluntary information to reduce information asymmetry and expose the market to listed companies in order to expose the company’s value,obtain more financing opportunities for enterprises,and avoid litigation risks.Value assessment and increase stock prices.This paper examines whether the voluntary information disclosure of listed companies has an impact on the company’s stock price in the short term to verify the operational efficiency of the financial market.Compared with previous related literatures,the main innovation of this paper is to use the information disclosure index of listed companies published by Shenzhen Stock Exchange to reflect the overall quality of voluntary information disclosure.Multivariate linear regression method is used to study the different quality of voluntary information disclosure.The stock price change caused.This paper first discusses and analyzes the path of voluntary information disclosure affecting stock price in the securities market by using the efficient market hypothesis,information asymmetry theory and signal transmission theory.Then,using the sample survey data of 472 listed companies of Shenzhen Stock Exchange from 2005 to 2017,and using the voluntary information disclosure level index as an independent variable,an empirical test was conducted to analyze the cumulative excess return of the dependent variable information disclosure month.The degree of interpretation.The results of our empirical analysis show that the information that the listed company voluntarily discloses can be quickly and accurately transmitted to the capital market,which shows that the stock price fluctuation of the company in the month of voluntary information disclosure increases the cumulative excess return rate obtained by investors;The price is positively correlated with the quality of voluntary information disclosure.As the quality of corporate information disclosure improves,investors are more optimistic about theirshort-term holdings,and the cumulative rate of return for information disclosure will be higher. |
