An Investigation into the Impact of Information Disclosure on the Stock Liquidity and Company Performance

摘要：

Taking 655 listed companies from Shenzhen Stock Exchange in 2009 as examples, this article examines how the quality, of information disclosure impacts stock liquidity and company performance. We find that in China higher quality of information disclosure can reduce information asymmetry between companies and investors thus improve investors rational decision making ability, and lower stock liquidity, which is helpful for capital markets stable development. Besides, higher quality of information disclosure can reduce agency cost, enhance companys reputation value, and improve the companies performance.

关键词： Information disclosure Stock liquidity Company performance

作者: Bian Na Huang Hongmei Wang Shuhua

作者单位: Business School, Shijiazhuang University of Economics, Shijiazhuang, P.R. China, 050031

会议类型: 国际会议

会议名称: The 8th International Conference on Innovation and Management(第八届创新与管理国际会议 ICIM 2011)

会议地点: 日本福冈

会议语种:英文

页码: 1140-1144

在线出版日期: 2011-11-30（万方平台首次上网日期，不代表论文的发表时间）