Information disclosure quality and efficiency of price information

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.