دورة التقارير الفترية في تسعير الأوراق المتداولة في الأسواق المالية (بالتطبيق على‌ سوق‌ الخرطوم للاوراق المالية )

Abstract

Abstract This research studies the role of periodical reports in pricing traded securities, in the financial . The periodical reports play important and prominent role in providing data and market in capital markets which reduce the cost of financial information for investors and others capitals movement and employment of the savings. The users of periodical financial reports depend completely on the information which provided by these reports for taking investments decisions in the traded securities which is a commodity which traded in the financial market and considered as its barebones. This confirms the role of periodical reports in traded securities price in the financial market and its importance as one of the main elements in the process of making investment decisions. To achieve these objectives, the research depends on the testing the following hypotheses correctness: -- 1 - There is a statistically significant relationship between periodical reports and the level of the securities prices in Khartoum securities market. 2 - accounting information published by financial periodical reports lead to the rationalization of investment decisions in traded securities in Khartoum financial market. 3 — As the quality and quantity of information available increased, as the efficiency of the Khartoum Stock Exchange increased. The research depend on the descriptive approach in which the researcher deals with the subject of the study in descriptive way covering all aspect related to securities. The researcher used this method in reviewing the history and development of Khartoum financial market. Also, he used the analytical approach in analyzing data, information and figures. In addition to above approaches, he used the inductive method to achieve some findings. The research included the application method in the analytical study in which the researcher tried to clearfy the importance investing in securities and ways of activating Khartoum stock Exchange. The researcher used questionnaire for collecting digital information. The researcher found the validity of the three hypotheses the most important result are:- the efficiency of capital market depends on information effectiveness and its impact -l on shares prices. There is a close relationship between the published periodical reports and the securities in the stock exchange. the financial market play an important role in economic development of the state and -2 in rising the living standard of citizens. J:

The published financial information is the main Source of getting infonnation for -3 purpose of investing in the securities market. The accounting infonriation received in the market reflected immediately on the shares and the other securities prices. The declaration of the expected shares profits and the future cash flows in the -4 periodical financial report have additional information strength on companies prices which traded its securities in financial markets. The researcher has concluded with the following recommendations. There must be availability of necessary information (quantity and quality) which -1 enable the investor to know the all possible alternative. The market cfficiency achieve by the completed information about the trade securities and its price everything related with the exporting companies. Interacting and dealing with the foreign market, weather Arab or non Arab, So as to -2 benefit of their experiences in the shares field, laws and regulations, machineries and a lows investors to know the abroad investment opportunities. The government must establish investment banks and specialized foundations in the -3 financial field to protect the investors and encourage them to buy the non-perfonning stock which helps providing enough cash in the traded securities and also creates stability in supply and demand which led to revitalization of the financial market. The general contributed companies should distribute the profits regularly in order to -4 encourage the investors to invest their savings in the financial market. The study encourage the researcher to can"y out complementary studies. For example the role profits distribution to the shareholders attracting new investors and -1 stimulated financial market. Study of the impact of increase and decrease prices of crude oil in financial market -2 indicators in Arab world and Khartoum financial market.