Abstract Using data of A-share listed companies from 2012 to 2022 and data from securities regulatory letter released by the CSRC, this study examines the impact of securities regulation on the information content of listed companies’ stock prices. Results show that securities regulation significantly boosts the stock price information content of affiliated enterprises. When classifying the types of affiliated relationship and regulatory letter, the regulatory effects are all significant. Mechanism tests indicate that the regulation can significantly enhance the information quality at each stage of information transmission, thus effectively improving the stock price information content of affiliated enterprises. The heterogeneity analysis demonstrates that the above effects are more prominent when securities firms have a higher shareholding proportion, a larger scale and a better reputation. Moreover, the regulatory effect will be more obvious when there is greater media attention, a lower level of regional rule of law and a shorter geographical distance.
WANG Shengnian,ZENG Wanhui. Research on the Impact of Securities Regulation on the Information Content of Stock Prices[J]. Chinese Journal of Management, 2025, 22(5): 968-.
