The capital market aggregates investors private information through price mechanisms. Company managers can learn information previously unknown to them from stock prices to guide investment decisions, causing corporate investment expenditures to respond to stock prices. Information in the capital market flows into the enterprise and guides corporate decisionmaking, reflecting the market feedback effect. This paper studies how the disclosure of key audit matters (KAM) affects the investmenttopiece sensitivity from the perspective of information flow of “capital market → listed company”, focusing on information sources, channels and information sinks. Based on the panel data of Ashare listed companies from 2017 to 2022 and using a twoway fixed effects model, this paper finds that the more fully disclosed KAM are, the higher the investmenttoprice sensitivity is, indicating that the disclosure of KAM can help managers learn from stock prices. Mechanisms analyses suggest that KAM disclosure can improve investors information collection, promote analysts information decoding, strengthen managements learning motivation, and thereby increasing investmenttoprice sensitivity. This study enriches the economic consequences of the KAM disclosure from the perspective of capital market information feedback, and also provides some implications for further improving the functions of the capital market and promoting financial services to the real economy.