Research On The Impact Of Strengthened Information Disclosure Supervision On Stock Price Information Content

Stock price information content plays a very important role in China’s securities market,which can guide investors to make efficient investments,standardize information disclosure of listed companies,guide enterprises to improve internal governance,stimulate market vitality,optimize resource allocation efficiency,and lead the economy into the fast lane of high-quality development.However,since entering the 21 st century,the reform and opening up has continued to deepen,the economic scale and complexity of China’s capital market have continued to expand,information disclosure supervision has faced problems such as too low cost of violations of laws and regulations,poor capital market information environment and insufficient investor protection.As a result,the new Securities Law came into being,making major reforms such as strengthening the supervision of information disclosure and increasing investor protection.Among them,the changes to the system of strengthening the supervision of information disclosure in the new Securities Law are intended to create a better institutional environment for the capital market,standardize the behavior of persons obliged by information disclosure obligations,and improve the quality of accounting information disclosure of listed companies,which is of positive significance to improving the content of stock price information of listed companies and promoting market health.Based on this,this paper studies the institutional system and economic consequences of information disclosure supervision,and studies the relationship,influencing factors and measurement methods between stock price information content and stock price synchronization.Then,based on the theories of law and financial theory,the relationship between the new Securities Law and information disclosure supervision,enhanced information disclosure supervision and stock price information content is analyzed theoretically,and the hypothesis of this paper is put forward.Then,the financial data of Shanghai and Shenzhen A-share listed companies from 2018 to 2021 were collected,and the relationship between enhanced information disclosure supervision and stock price information content was empirically tested,and it was concluded that the strengthened information disclosure supervision significantly increased the stock price information content.In addition,this paper also analyzes the heterogeneity according to the characteristics of environment and corporate governance,and empirically tests the difference in the impact of institutional changes on the content of stock price information under different environments and corporate governance mechanisms:among listed companies with relatively low degree of marketization,high shareholding ratio of institutional investors,state-owned enterprises and non-"Big Four"audits,the effect of strengthening information disclosure supervision on improving stock price information content is more significant.The main recommendations in this article are: the government should collect suggestions from all parties and improve relevant laws;Strict law enforcement and supervision in place;Improve the details of entity responsibility and pay attention to investors’ demands.The company should improve the company’s internal governance and improve the level of governance;At the same time,comply with laws and regulations.Investors should regulate their own behavior and actively play a supervisory role;At the same time,strengthen their professional knowledge and information interpretation capabilities.