Dynamic Researh For Information Disclosure Quality Of Listed Company

The information is the base of the capital market, the lower quality of information disclosure is the key cause for the various problems of capital market, especially for our emerging market. So the research for information disclosure of our listed companies is very important in theory and practice.The scholars have carried on investigation into the information disclosure and concluded several irradiative conclusions, but their researches have some bugs: 1.the majority researches are based on static state, almost haven't dynamic researches.2. For the Influence factor of information disclosure, the domestic scholars almost haven't discussed the motivation of the management.3.for the influence of capital cost, the majority exiting researches adopted the cross section data, but these empirical researches couldn't prove the conclusion directly.Because of the bugs of exiting researches as we mentioned above, we will research on the influence factors and economic result of accounting information disclosure on the basis of dynamic transformation. For the research on influence factor, we mainly concern with the intent of Substantial Shareholders and management; for the research on economic result, we mainly concern with the infection on the company. For our research, we have the theoretic clue which is 'literature review—theoretic analysis—description for the exiting information disclosure—influence factor—economic result'. We combine standardization method with empirical method and the main content for this paper as follows:The first chapter:introduction. This chapter introduces the research background, purpose and significance, also expounds the research method, the overall framework and the new trails for this paper.The second chapter:literature review. This chapter reviews the related literature about information disclosure. Firstly, we review the definition and measurement for information transparency (also information disclosure quality); secondly, we review the literatures about influence factors of information disclosure; thirdly, we review the research on the economic result; lastly, we evaluate the limitations of the exiting researches.The third chapter:theoretic research on information disclosure. For this chapter, we mainly explain some important theoretic concepts for information disclosure. Include the definition and characteristics of accounting information; the important theoretic basis for accounting information—information asymmetry theory, efficient market theory and modernistic theory of the firm; the definition of the quality for accounting information disclosure.The forth chapter:the actuality for information disclosure in our country. This chapter describes the changes and the existing provision for the system of information disclosure in our country, and depicts the fundamental state for accounting information disclosure of our listed companies. In summary, the standards for information disclosure are more and more detailed and perfectly, but the actuality for our information disclosure can't turn up trumps:The fifth chapter:research on the influence factors on the change of information disclosure quality. We mainly adopt empirical method in this chapter. We choose the 2002-2009 data for the whole listed companies in Shenzhen Stock Exchange as the sample, eliminate:(1) list less than 4 years; (2) listed companies in financial industry; (3) companies lack of data. Then according to the related literature, we put forward some assumptions, establish logistic regression model and analyze the data. From the empirical research, we find that the more stronger for the motivation of grasp for substantial stockholders, the motivation of retaining the list, the motivation of law, the motivation of remaining in office for management, the more lower for. the information disclosure quality. The other motivations have not the significant effect on information disclosure quality.The sixth chapter:economic result on the change of information disclosure quality. In this chapter we mainly research the effect on the related value between accounting earnings and stock price, and on capital cost by the change of information disclosure quality. From this chapter, we can conclude that:(1) higher of information disclosure quality, more closely linked between accounting earnings and stock price; (2) because of the distinguishing characteristics of our capital market, the change of information disclosure quality have not significant effect on the capital cost in our country. The seventh chapter:conclusions of the research and outlook of farther research. In this chapter, we summarize the main conclusions from the preceding research, put forward our policy and suggestion, point out the limitation for our research and outlook the farther research.From this paper, we can conclude several important revelations as follows:1. Information is the most important basis for capital market, but because of various reasons, the actuality for information disclosure quality in our country is very worrying. So the research on information disclosure quality is very important and necessary.2. From the empirical research, we find that the more stronger for the motivation of grasp for substantial stockholders, the motivation of retaining the list, the motivation of law, the motivation of remaining in office for management, the more lower for the information disclosure quality. The other motivations have not the significant effect on information disclosure quality. So we must emphasize the supervision on the companies whose control chain is very complex and whose accounting earnings are underperforms. For the state-owned business, we must adopt various steps to resolve the omission of owner.3. From the economic result of the change of information disclosure, we find that:(1) higher of information disclosure quality, more closely linked between accounting earnings and stock price, so to improve the quality of information disclosure is very significative; (2) because of the distinguishing characteristics of our capital market, the change of information disclosure quality have not significant effect on the capital cost in our country. So we must improve the authenticity for the information that the listed companies disclose, in order that the investors can trust the information and concern the information when they make a decision.The main new ideals for this paper are mentioned as follows:1. The majority exiting researches are based on static state, but our paper researches the information disclosure quality based on dynamic angle.2. The majority exiting literatures research on information transparency, but we think that there are differences between information transparency and information disclosure quality. And in this paper, we distinguish the two concepts and research only on information disclosure quality. 3. For influence factors, the exiting literatures mainly research form corporate governance, macroscopical environment, etc. But our paper researches on the influence factors mainly from motivations of substantial stockholders and management.4. The exiting researches about the economic result on capital cost mainly adopt cross-section data, but we adopt the temporal series data for the empirical verification.Of course, because of the restrictions of research terms, there are some limitation for this paper and await the farther research.