“庄家”与信息披露的质量

采用时间系列研究方法 ,本文通过研究公司信息披露与股票价格和交易量之间的关系 ,探讨了“庄家”的存在对信息披露的质量 (信息含量 )的影响 ,我们的研究结果表明“庄家”的存在降低了信息披露的质量。另外 ,我们还发现不同类型的信息披露对股票价格及交易量的影响不同 ,其中以会计盈余及盈余相关信息的影响最为显著;信息披露与价格的相关性高于与交易量的相关性

The Banker"and the Quality of Information Disclosure

This article will,by the method of time series,study the relationship between disclosure of comˉpany's information,stock price and turnover in order to explore the impact of the existence of the"banker"on the quality of information disclosure(ID),or the content of information,and our study indicates that the existence of the"banker"degrades the quality of ID.In addition,we find that difˉferent ID has different effects on stock prices and trade volume:of these effects,most obvious is the impact of accounting profit and profit-related information;the correlation between ID and prices is closer than that between ID and turnover.