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Listed Companies' Information Disclosure System Construction

Posted on:2004-05-13Degree:DoctorType:Dissertation
Country:ChinaCandidate:Y C YuFull Text:PDF
GTID:1116360122472037Subject:Business management
Abstract/Summary:PDF Full Text Request
The security market is an information market and information plays a key role to the development of the Chinese security market. Asymmetrical information is a common phenomenon on security market causing adverse effect and moral hazard, even lead to "Insider trade"and "Lemon driven Peach". The constrained information disclosure is an efficient method solving information asymmetrical. The purpose of this paper is finding a way from applied aspect to fulfill the goal of information disclosure system.The paper comprises of two sections. The first section is brief introduction to the theories related to information disclosure, including information theory, principal-agent theory, economics of information, efficient capital market hypothesis, accounting theory. The second section is the special research of organization, demonstrating how to construct information disclosure system from the participator's aspect.On the basis of a comprehensive study of related literatures of home and abroad, this paper brings forward the structural framework of information disclosure system. The framework includes following segments: information product, auditing, information denunciation, information analysis, and information feedback. The core regulatory system of security market in developed country contains these 5 segments. But the focus of this paper is information disclosure system's organization Most research in China emphasizes the technical factor of information disclosure. This maybe contributes much in perfecting information disclosure norm, introducing GAAP and constructing Chinese accounting principal and audit principal. But we should cognize that this kind research leaving out organization's impact.As for government, this paper suggests that government should adjust decision-making procedure, for example, reducing the percentage of experts coming from university in accounting principal work term, carrying out due procedure.As for CPA's association, because the law about Chinese CPA is not integrity, it isn't suitable to carry out CPA self-disciplined. The main function of Chinese CPA's association is regulation and coordination.As for CPA, this paper suggests 3 method of industrial risk control. The first is enhancing CPA's governance, the second is improving work environment, the third is strengthen CPA's duty.As for security analysis and credit evaluation institution, they are not developed and neglected for a long time. This makes Chinese information disclosure system unintegrated and reduces the efficiency of market. The paper suggest that government should make much of them and develop them.
Keywords/Search Tags:listed company, organization, association, government, system, Information disclosure, intermediate institution
PDF Full Text Request
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