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10 stock sectors are selected in Shanghai and Shenzhen stock market’s as samples.By event study,the change of stock’s cumulative abnormal return rate around the data of annual report disclosure was analyzed among the year 2004-2008.The market reaction pattern of such kind of news was summarized in order to test the efficiency of China’s stock market and its trend before and after the comprehensive completion of the Share-trading Reform and the implementation of new Accounting Standards.The conclusion is that Chinese stock markets response more accurately to ROE and EPS;its efficiency continued to decline in 2005 and 2006,but there was a gradual increase in 2007 and in 2008;and in general the capital market do not reach the semi-strong efficiency,but the machinery industry and biopharmaceutical industry have done.
10 stock sectors are selected in Shanghai and Shenzhen stock market’s as samples. BY event study, the change of stock’s cumulative abnormal return rate around the data of annual report disclosure was analyzed among the year 2004-2008. The market reaction pattern of such kind of of news was summarized in order to test the efficiency of China’s stock market and its trend before and after the comprehensive completion of the Share-trading Reform and the implementation of new Accounting Standards. the conclusion is that Chinese stock markets response more accurately to ROE and EPS ; its efficiency continued to decline in 2005 and 2006, but there was a gradual increase in 2007 and in 2008; and in general the capital market do not reach the semi-strong efficiency, but the machinery industry and biopharmaceutical industry have done.