提升上市公司信息披露质量能降低交易噪声吗?

摘要

证券市场中，有关上市公司的信息是重要的决策依据。市场的有效性就体现在证券价格所反映有关信息的真实性、完整性、及时性的程度。因而信息披露的质量发挥着非常重要的作用。但是，证券市场上不可避免存在噪声，即不完整、不正确或无关的信息干扰，证券价格并不能如实反映信息的质量。文章运用实证分析的方法探究在中国上市公司信息披露制度完善的背景下，上市公司的信息披露质量和股票市场噪声交易的变化情况及关系，观察两者是否如许多学者所设想的一样呈一种关联式趋势变化。文章发现，由于信息披露制度的缺陷，不理性投资者的存在，中国上市公司信息披露质量的提高并没有显著降低证券市场的噪声。%In the stock market,information about listed companies is the important basis of decision-making.The efficiency of market lies in the authenticity,the integrity and the reliability of information that the market conveys.Thus,information disclosure quality plays a significant role. However,there inevitably exists noise,namely partial,incorrect or irrelevant information,which results in the unveracious revealing of information quality for stock price.This paper intends to study the information disclosure quality of listed companies and the changes of noise in the stock market with the perfection of information disclosure system,and observes whether the relation between them follows a relevant changing tendency as many experts expected.This paper finds that the improvement of information disclosure quality has not reduced noise existing in the stock market significantly due to the limitation of information disclosure system and the irrational investors.