An Empirical research on Voluntary Disclosure Extent and Stock Liquidity of Listed Companies in China

摘要

By means of two stage least square method and event analysis, this paper analyzes the influence of voluntary disclosure extent on the stock liquidity from the static and dynamic aspect, based on the annual reports of listed companies of year 2004 in China. It finds that voluntary disclosure extent has a positive influence on the stock liquidity and the incremental voluntary disclosure extent has information content of liquidity.