With the rapid development of China's securities market, the financial strength and operating performance of listed companies are more and more reasonably reflected in stock prices. Therefore, both theoretical and practical circles have begun to study the relationship between information disclosure and stock price changes of listed companies, especially the relationship between accounting information and stock price. Accounting information will play an increasingly important role in the redistribution of social resources and wealth. I. Accounting Information and the Effectiveness of the Securities Market For most stakeholders, financial reports are the most direct and main source of accounting information for listed companies in the securities market. Managers of listed companies prepare reports to convey the company's financial status and operating results to reflect its performance; Shareholders know about the preservation and appreciation of invested capital through financial reports and predict the company's development prospects; A certified public accountant shall check and recheck the fairness of the report to ensure the authenticity of accounting information; Intermediaries make professional analysis of financial reports to help investors improve their investment decisions. The attitude towards financial reports and the understanding of accounting information all affect the investment behavior, which is manifested in the rational or irrational fluctuation of stock prices. Securities analysts find that the imperfect disclosure of accounting information of listed companies makes the stock price deviate from its intrinsic value, and think that such a market is inefficient. Therefore, the "efficient market hypothesis" is introduced into the relationship between accounting information disclosure and stock price changes. 1 efficient market hypothesis. 1970 Eugene Fama, a professor at the University of Chicago in the United States, pointed out that the securities market is effective if the securities price can fully reflect all available information without any prejudice. This is the famous efficient market hypothesis. The efficient market hypothesis holds that stocks are always in equilibrium, and no investor can win the market continuously and obtain excess returns. This hypothesis holds that when all kinds of new information that can affect the stock price appear, the relevant stock traders can receive the information at the same time and evaluate its impact on the stock price, and then take immediate trading actions to make the stock price adjust rapidly with the emergence of new information, then the stock price will not be overestimated or underestimated, but will only remain in equilibrium, and market participants can only get the risk-adjusted market return. The efficient market defined by eugene fama should have three conditions: ① no securities transaction cost; (2) All traders can get all available information equally without spending money locally; ③ The information meaning that determines the current share price and the future share price is expected to be the same. 2 The relationship between effective market accounting information and stock price. Eugene Fama classified the securities market into three categories according to the information category: weak, semi-strong and strong. If the securities price reflects the information implied by a series of trading prices and trading volumes in history, the market is weak; If the stock price reflects all public and useful information, the market is semi-strong; If the price of securities reflects all information, including public information and insider information, then the market is strong. As far as financial accounting is concerned, the relationship between stock price and accounting information of listed companies is mainly reflected in two aspects: ① the relationship between stock price and financial reporting information [1] [2] [3] [4] Next page, this article comes from: First-class design bar (www. 16sheji8.cn) Details: /onews.asp? id=805