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A Study On The Quality Of Accounting Information Of Listed Agriculture Companies And Its Impact On The Capital Market

Posted on:2010-11-13Degree:DoctorType:Dissertation
Country:ChinaCandidate:P LiFull Text:PDF
GTID:1119360275976067Subject:Agricultural Economics and Management
Abstract/Summary:PDF Full Text Request
In the capital market, investors make decisions according to information given by the market. So investors'decisions determine the price of financial product and its accuracy determines the efficiency of the allocation of resources. For that reason, information disclosure rule is a basic rule in the financial market. Among all information disclosed by the listed company, accounting information is the core information.This paper makes research in five different areas based on the accounting information quality of agricultural listed companies:1. on the effect of new accounting standards for business enterprises on the accounting information quality of agricultural listed company:New accounting standards for business enterprises can impact the accounting information seriously. If the standard is good, the information generated by it is good, or vice versa. A good standard can protect the information from distortion by accounting personnel. In this paper we discuss the features of the new standard system and its impact on the accounting information of agricultural listed company.2. Corporate Governance of agricultural listed company impacting on the accounting information.Corporate governance, including internal governance and external governance both are linked to each other, interdependent, and are closely related to the quality of accounting information. They have an impact on accounting information through interaction. In the internal governance, we discuss different ownership structures impacting on balance and choice behavior of accounting information. In the external governance, we discuss factors such as capital markets, market manager, product and factor markets, corporate control market, as well as independent audit market impacting on the accounting information.3. Monitoring system impacting on the quality of accounting informationOn the issue of analyzing the status of information disclosure supervision, this paper normatively analyzes the monitoring system of information disclosure, analyzing the existing regulatory problems; the status quo of China's violation of information disclosure is analyzed by means of descriptive statistics, including violations by disclosure subjects and intermediaries.4. Study on the evaluation of accounting information quality of the agricultural listed companiesIn accordance with the characteristics of accounting information of the agricultural listed companies, a set of evaluation system of accounting information of listed companies by using analytic hierarchy process (AHP) was established, and according to the agricultural listed companies' financial accounting reports in 2008, indicators of accounting information quality of the listed companies were evaluated.5. Test analysis of the effect of accounting information on capital marketThis dissertation from the perspective of empirical analysis confirmed the enterprises'capability of profit benefited from the accounting information of agricultural listed companies, information and stock prices have some correlation, but the correlation is not very high. So there is further evidence that China's capital market have not yet reached the semi-strong efficiency. After 2007, all listed companies'accounting statements are drawn up in accordance with the new accounting standards and the main features of the new guidelines is its convergence with international standards, which, to some extent, limits the earnings management behavior of corporate management. Listed companies and investors began to try to use the new criteria to evaluate the company's performance from the perspective of the new standards, but from the angle of the process of argumentation in this article: the correlation between accounting information and stock prices have not yet reached the characteristics of strong and effective.As a country in transition, the unique ownership structure of the listed companies, incomplete development of capital market and other issues intertwined, which makes the issue of corporate governance structure seems very complex and seriously affects the quality of accounting information; the poor quality of accounting information in turn restricts optimization of corporate governance structure. For the realization the virtuous circle between corporate governance and the quality of accounting information, the listed companies should take appropriate countermeasures to improve the internal and external governance structure, to promote innovations of accounting system, and to strengthen the accounting supervision, and so on.Accounting information supervision of listed companies should be based on the protection of the interests of investors. Increase the CSRC's regulatory authority of accounting information to address the shortcomings of the CSRC's insufficient privileges, at the same time, improve the audit quality of certified public accountant (CPA), strengthen internal supervision of accounting information of the listed companies, for those who violates the rules must be severely punished, in addition, strengthen the supervision of the public such as the media and public opinion, strengthen supervision of regulators so as to enhance the quality of accounting information of the listed companies in China.
Keywords/Search Tags:agriculture listed companies, accounting information, capital market Essays in agricultural finance and risk management
PDF Full Text Request
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