Empirical Research On Measurement Of Listed Companies Information Disclosure

The level of information disclosure quality is directly related to the effectiveness of securities markets, investors rights protection and other important issues, playing a critical role for the development of capital markets. Information disclosure system of listed companies is the core of stock market system, and an important component of securities issuance and trading system, and the cornerstone of daily supervision of securities market also. So, high and low quality affecting factors of information disclosure, the standards of information disclosure quality and the methods adopted to measure, have important theoretical and practical significance in order to construct high-quality information disclosure system and strengthen the transparency of securities markets.By integration of existing research on measuring information disclosure quality, respectively study factors of information disclosure quality from three latitude: reliability of information disclosure content, timeliness of information disclosure, integrity of information disclosure. On the basis of the three dimensions, based on the reality of China's securities market, to establish a logical quality evaluation framework for listed companies information disclosure from the perspective of market microstructure:analysis the factors affecting information disclosure quality→analysis information disclosure quality mechanism→empirically analysis factors affecting information disclosure quality→test impact indicators through entropy modle→come to conclusions and policy recommendations.ChapterⅠ:Introduction Mainly introduce the topic background and research significance, contents, research design and methods, characteristics and innovation.ChapterⅡ:Theoretical summary of information disclosure quality First to deal with the theoretical basis of information disclosure, to review the related theories of information disclosure system of listed companies; Second, to define the meaning and theoretical basis of information disclosure quality, and elaborate the dialectical relationship between information quality and information disclosure quality; After, to conduct a comprehensive review of the current stock market literature about information disclosure quality, to make a summary on five aspects, to analysis the characteristics and shortcomings of the existing literature, leading to the starting point and the basic idea of this article; Information disclosure is a systematic project, its components----information quality, measurement basis, content, methods, time, frequency, and so on, will affect the information disclosure quality of listed companies. Quality standards of information disclosure can be summarized at six aspects:authenticity, accuracy, completeness, timeliness, compliance, importance. This article thinks, "Reliability, timeliness, integrity of information disclosure" are the basic dimensions of information disclosure quality; Finally, to elaborate the overall analysis of information disclosure quality measurement framework.ChapterⅢ:Analysis influencing factors of information disclosure reliability Information and information disclosure are two stages of interdependence and relatively independent, high quality information disclosure needs high quality information. First, by reviewing domestic and foreign literature, to detail the specific factors affecting information content reliability from enterprise property system, corporate governance, internal control system and financial condition; Then, to select 1436 samples from listed companies on Shanghai and Shenzhen stock exchanges prior to december 31,2009, give theoretical analysis and empirical analysis of the correlation on 10 factors. Empirical analysising shows, there are negative correlations between ownership concentration, ownership checks and balances, management of holding, profitability, firm size, "shell" stress and information reliability, there are positive correlations between control human nature, board size, board independence, leadership duality and information reliability, leadership duality and "shell" stress show more significant statistically.ChapterⅣ:Analysis influencing factors of information disclosure timeliness Timeliness refers to the information within stipulated time frames or users within required time limit reaching the users, neither delay nor advance. First, based on the information disclosure of annual report, detaily to discuss the specific factors affecting information disclosure timeliness:focus on internal governance, financial situation and company size;Then, using delayed annual report as the substitution variables of information disclosure timeliness, to construct a framework and analysis correlation through accounting information quality theory, to select 1255 samples from listed companies on Shanghai and Shenzhen stock exchanges prior to december 31, 2009, empirical analysising shows, there are negative correlations between board size, board independence, profitability, firm size and information disclosure timeliness, there are positive correlations between managerial ownership, financial leverage, audit opinion and information disclosure timeliness, profitability and audit opinion show more significant statistically.ChapterⅤ:Analysis influencing factors of information disclosure integrity Information disclosure integrity requires listed companies must not to ignore or conceal any important information for all investors, which is an effective method of reducing information asymmetry. First, drawing on the analysis of voluntary disclosure paradigm, deeply to analysis the six aspects of inadequate(incomplete) information disclosure, and analyze the "security shell pressure" 8 factors,etc; Then, to select 1254 samples from listed companies on Shanghai and Shenzhen stock exchanges prior to december 31, 2009, empirical analysising shows, there are negative correlations between ownership concentration, foreign ownership and information disclosure integrity, there are positive correlations between board independence, leadership duality, managerial ownership, main business profitability, financial leverage, firm size and information disclosure integrity. Main business profitability, financial leverage and firm size show more significant statistically.Chapter VI:Information disclosure quality measurement:application of entropy theory The impact factors of information disclosure quality of listed companies have both qualitative and quantitative indicators, qualitative and quantitative indicators must be combined to achieve truly integrated measurement. With the entropy theory, to re-establish index options, settings, and treatment methods, to build comprehensive evaluation model and evaluation index system about information disclosure quality of listed companies.First, to analysis 20 factors and three main dimensions, then, to obtain a comprehensive summary of information disclosure quality evaluation rankings. To select 59 samples from shandong provincial listed companies, by 2009 annual report data, empirical analysising shows, receivable turnover, managerial ownership, whether issue of foreign shares are the three top indicators of among entropy factors, which means they influence information disclosure quality among the top three; The three characteristics of information disclosure quality "reliability, timeliness and completeness", the size of their ranking as entropy: "timeliness" ranks No.1, followed by "integrity", the third as "reliability", which shows "timeliness" of information disclosure is core-features.ChapterⅦ:Conclusion and outlook To summarize the main conclusions and summary, and point out innovation, shortcomings and future research directions.For the comprehensive study of information disclosure quality, which is still an emerging area especially in quantitative research in China. This paper has made some significant discoveries and provided a useful complement on information disclosure quality measurement of listed companies. Innovations of this article:1, To integrate the factors framework of information disclosure quality. By analysising the content and the border attribute of information disclosure quality, to extract the "reliability, timeliness and completeness" as the three sub-latitude features from information disclosure quality properties, and give deeply theoretical and empirical analysis from the corporate governance factors,etc.2, To improve the index system of information disclosure quality. To Improve the previous indicators deficiencies of options, settings and treatment, to analysis from the perspective of information quality content, and reject the previous selection of excessive using "non-institutional" factors, to construct a more scientific view of information disclosure quality on index system factors.3, To establish one comprehensive measurement system of information disclosure quality by entropy model. Through analysising impact factors of internal and external, to construct one more comprehensive assessment methods of information disclosure quality in order to make the measurement results more objective and fair, to provide a quantitative regulatory reference on information disclosure quality supervision for listed companies.