Impact of Disclosure of Internal Control Defects on Stock Price Information Rate Based on The Mallat-Copula Hybrid Algorithm

摘要

The high quality information disclosure of listed companies will lead to the allocation of capital market resources through stock prices. This paper takes A-shares listed companies in Shanghai and Shenzhen stock markets as the research object, which disclose internal control defects in the 2015-2016 years, using the Mallat algorithm and the copula function and Kolmogorov-Smirnov goodness-of-fit test to deal with information rate of stock price. Then analysis the impact of information disclosure of internal control defects of listed companies on information rate of stock price. The study found that the higher the quality of disclosure of internal control information is, the more unique information on the corporate level will be included in the stock price, less information will be explained by the market; also found that in a relatively short period of time the disclosure of high quality the internal control ,such non accounting information, than the accounting information to affect the information rate of stock price is more significant.