Research On Relations Of Coordinated Development Between Accounting Information Disclosure And Capital Market

Initiated in 2005, the split-share structure reform helped China's capital market out of downtown. There appeared an increasingly speedy growth of the capital market, and it ranked the third worldwide. At the meantime, some domestic scholars began to worry great deal of bubbles existing in stock market. Fluidity surplus and over too high price earning ratio are two evidences of bubble economy. However, analyzed from the perspective of accounting, over too high price earning is caused by deviation between stock price and accounting information. If accounting information plays a weakening role in deciding stock price, which means a decreasing efficiency in capital market and declined function of resource integration. The dissertation starts from the following points: highly transparent accounting information, investors' highly attention and rational investment, healthy and stable development of capital market, and made a research on effective methods and reform strategies in promoting coordinated development between accounting information and capital market.The main content of the dissertation is as follows:The first chapter introduced the background and significance of the research. This chapter pointed out, in China, investor pays less attention to stock market rather than accounting information. And this phenomenon always exists and it hinders the improvement of capital market efficiency and manipulation of investment risk. The significance of the dissertation's research is find out reasons why accounting information is always neglected and proposes strategies for improvement so as to promote the development of capital market and protect investors' interest. And then, this chapter introduced current research on this field home and broad. On the basis of this, research frame, content and methods are introduced.The second chapter starts from basic theories of relations between accounting information and capital market. Then by using current theoretical achievement, this chapter tried to combine historical analysis of the relation between accounting information and capital market and the current situation in China. And then put forward the logic relation between accounting information and capital market. The chapter also made analysis on the influence of accounting information brings to stock price and non-accounting information factors' influence to stock price and thus exposed the mechanism of accounting information's influence to stock price.The third chapter is a demonstration of the correlation between accounting information and stock price by setting up regression analysis model. The chapter first made analysis of many factors affecting stock price, and then set 13 indexes represent accounting information. Then the chapter chose listed company of steel industry as sample for analysis. Finally the chapter set up regression model and made qualitative analysis of regression results.The fourth chapter started from external of accounting information and attributes of public products and made analysis of accounting information disclosure cost and benefit from macro and micro level and set up optional model for accounting information disclosure strategy. And then the chapter made detailed research to how does the rule exposed by this model compensates the cost of accounting information disclosure followed by different solutions. Then the chapter made further research of supervision and compensation of accounting information disclosure by way of game theory analysis and then proposed the viewpoint that compensation should be fulfilled by designing stock right motivation methods. Lastly, the chapter concluded that the quality of accounting information should be improved by combining accounting information transparency, and proposed policy suggestions of promoting coordinated development between accounting information and capital market.The fifth chapter analyzed the relation among accounting rules, quality of accounting information and capital market. And after analysis of China's new accounting rules' contents, internationalization trend, the chapter revealed changes of new accounting rules in accounting information. And last part of the chapter is about new accounting rules' influence to the quality of accounting information and capital market.Chapter six start with research of the role of independent auditing in China's capital market, existing problems of independent auditing and reasons of these problems and strategies of solving these problems. And the next part is followed by introduction and analysis of appraisal criteria of the quality of accounting information disclosure. And then the chapter pointed out the shortcoming and inadequacy of the appraisal criteria, and followed by comparison with surplus information quality. And the last part of the chapter is policy suggestion of construction and improvement of independent auditing.Chapter seven is the conclusion part of the dissertation. There are suggestions and prospects in the part for further development of coordinated development between accounting information disclosure and capital market.