【摘要】 在中国促进资本市场健康发展的背景下,本文结合模型推导与实证检验,探讨了信息披露质量对价格信息效率的影响机制。研究发现:第一,信披质量提升同时增强预测价格效率(forecasting price efficiency)与启示价格效率(revelatory price efficiency),且该效应随时间推移增强;第二,机制路径表明,高质量信息披露通过改善企业透明度直接提高FPE,同时通过改善流动性吸引外部知情交易者,促进外部私有信息融入股价,提升管理者从股价中学习的增量信息,提高RPE;第三,针对RPE路径的异质性分析表明,低内控质量与低分析师关注度的企业,信披质量的提升强化管理者学习而高分析师关注度会促进外部知情交易,进而将其信息融入股价。更多还原

【Abstract】 Under the background of promoting the healthy development of the capital market in China, this paper, by combining model derivation and empirical testing, explores the influence mechanism of information disclosure quality(IDQ) on the efficiency of price information. The research findings are as follows: First, the improvement of IDQ simultaneously enhances Forecasting Price Efficiency and Revelatory Price Efficiency, and this effect intensifies over time; Second, high-quality IDQ increases FPE by enhancing corporate transparency. At the same time, it attracts external informed traders by improving liquidity, promotes the integration of external private information into stock prices, and increases the incremental information that managers can learn from stock prices, thereby enhancing RPE.Thirdly, the heterogeneity analysis of the RPE path indicates that for enterprises with low internal control quality and low analyst attention, the improvement of IDQ strengthens managers’ learning. High analyst attention will promote externally informed trading, which in turn incorporates their information into stock prices.更多还原