Huhui and Zhang songlai
（Economics and Management School,Wuhan University）
Abstract: In the stock market, information about listed companies is the important basis of decision-making.The efficiency of market lies in the authenticity, the integrity and the reliability of information that the market conveys.Thus, information disclosure quality plays a significant role.However, there inevitably exists noise, namely partial, incorrect or irrelevant information, which results in the unveracious revealing of information quality for stock price.This paper intends to study the information disclosure quality of listed companies and the changes of noise in the stock market with the perfection of information disclosure system, and observes whether the relation between them follows a relevant changing tendency as many experts expected.This paper finds that the improvement of information disclosure quality has not reduced noise existing in the stock market significantly due to the limitation of information disclosure system and the irrational investors.
Key Words: Stock Market; Information Disclosure Quality; Noise
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