Research On Information Disclosure Mechanism Based On The Perspective Of Investor Protection

Capital markets, the company not only to reduce information asymmetries and transaction costs of information is of great significance, but also the protection of investors and optimize the allocation of resources to achieve the key, Through the company's information disclosure, investors can be aware of the operation of investment companies, and disclosure of corporate information system is to protect the interests of investors as a fundamental goal. As the United States Securities and Exchange Commission Chairman Arthur Levitt (2001)pointed out: "our country is facing economic problems first and foremost, is to protect the interests of investors and maintaining investor confidence in the market system", can be seen on the capital market investor protection had, or the importance of academics and practice has gradually become the focus sector.In this paper, the principal-agent theory, market effective theory, asymmetric information theory, based on the disclosure of information from the company, investor protection, such as the definition of the concept of starting down the "information disclosure strategy selection motivation→Information disclosure strategy→disclose information the disclosure of information investors protection, "the main line of research to the actual system of listed companies in China against the backdrop of investor protection based on the information disclosure mechanism, elements of the company's disclosure of information changes and investor protection, information disclosure strategy for the selection of cause analysis framework, the use of advanced Measurement data of listed companies to carry out empirical tests, mining investors in China's Listed Companies decide protection mechanism, to explore mechanisms for information disclosure and investor protection and market impact of the degree of information asymmetry for the future of our country's securities market reform, the disclosure of information improve the monitoring and accounting system provide the basis of theoretical and empirical.The full text is divided into 8 chapters, the structure of the arrangements as follows:Chapter 1: Preface. This chapter introduces the research background of this thesis and research significance of the study analyzed the background of the capital market in our country Study on the need for investor protection, as well as protection from the investors point of view the company information disclosure mechanism theory and practical significance; at draw a large number of existing research results at home and abroad, based on information the disclosure of the relevant domestic and foreign investor protection mechanisms and research analysis and comments; dissertation research on the ideas and research framework, technology and route the logic of the relationship between the overall brief Finally, the introduction of this thesis research, as well as the primary means of text related to the important concepts.Chapter 2: Company information disclosure mechanism and the theoretical basis for investor protection. This chapter outlines the company first disclosed in the course of development of information, followed by the company's goal to analyze the disclosure of information studies, from the efficient market hypothesis theory, asymmetric information theory, contract theory, signaling theory, such as the company's disclosure of information theory in economics to explain . Protection for investors, mainly from lease of the theoretical and legal aspects of both analysis between the two complement each other can effectively protect the interests of investors. Finally go into the disclosure of company information investor protection mechanism and the relationship between the quality of the information revealed will it be possible to minimize the disclosure to protect the interests of investors, and investor protection and disclosure of information affects the quality of the company, the relationship between the two concluded that follow-up study provides a theoretical foundation.Chapter 3: Company information disclosure mechanism to investors analyze the mechanism of protection. This chapter the use of business theory and information theory in economics-related information the disclosure of the company's investor protection at the function and its role to sort out the basic path and analysis. First of all, the evaluation of the quality of financial reporting requirements of the users view and explore the concept of investor protection, disclosure of information to build the company's investor protection mechanism to the expansion of analytical framework, and then analysis of the company internal and external governance mechanisms on companies to disclose the impact of information. Therefore, the analysis of this chapter, empirical research in this article are the theoretical basis for the assumption made, it helps to strengthen the disclosure of information on China's stock market awareness, protection and benefits to investors, regulatory bodies must also have the regulatory role of the draw.Chapter 4: System described in the background and current situation. Information disclosure system is the cornerstone of the modern development of the securities market, realize the securities markets are open, fair and just basis and to maintain the fundamental interests of securities investors protection. In view of this, countries around the world and regional importance of the information disclosure of all stock market system, information disclosure regime will be set up and implementation of stock market development and regulation as the most important job. This chapter aimed at information disclosure system of listed companies to discuss our country on the current information disclosure of listed companies on the system of laws and regulations, as well as listed companies to disclose the specific content of the information system to conduct a detailed exposition of the background analysis of the specificity of our system for information disclosure of Empirical Research the mechanism investors, as well as exert protection strategy for the company to disclose information to do a good job paving the way cause selection.Chapter 5: Change the company information disclosure and investor protection elements of the empirical analysis. Based on the investor protection point of view of the information disclosure of listed companies the problem is to find out whether the information disclosure mechanism and how to exert protection of investors, reduce information asymmetry between investors, ensure that investors have equal trading rights and the right to information. This chapter in our country's listed companies in Shanghai and Shenzhen stock markets for the study to the extent disclosure of information as to observe the level of investor protection variables, respectively, visit the company's accounting information quality, basic measurement, the timeliness of information disclosure, the frequency of information disclosure to investors as a test variable From the impact of the level of protection. Empirical testing showed that the quality of accounting information, the timeliness of information disclosure and investor protection between the significant positive correlation between; information disclosure frequency and the relationship between investor protection did not pass the test of significance; measurement between investor protection and basic was a negative correlation between, but not significantly.Chapter 6: corporate governance quality of accounting information on the impact of empirical studies. Corporate governance structure, such as board structure, ownership characteristics, the nature of the controlling shareholder of the company's agent have a common impact of conflict, and control of the person have an impact on information disclosure strategies. This chapter to select the year 2006,2007 Shanghai and Shenzhen stock market listed companies in 626 samples for the study of the structure of our board of directors of listed companies, shares the characteristics of the quality of accounting information and the relationship between the empirical analysis. Studies have shown that the size of the board of supervisors and the quality of accounting information was a significant positive correlation, the Board set up with the quality of accounting information was negatively correlated, and the Board of Trustees of the scale, the proportion of independent directors and chairman and general manager of the separation of the two grades with the quality of accounting information was weak correlation between the frequency of board meetings and the quality of accounting information between the companies was a weak negative correlation between the regular meetings of the Board to play a "fire-fighting" role. Characteristics at stake, only the flow of the quality of accounting information and the proportion was negatively correlated, while the share of checks and balances while a significant positive correlation; management ownership and the quality of accounting information was a weak positive correlation; shareholding ratio of the largest and the quality of accounting information was a weak negative correlation.Chapter 7: Corporate Governance annual report on the impact of the timeliness of the empirical analysis. Investor protection is the key to information disclosure mechanism and information disclosure time information disclosure of listed companies are an important part of the mechanism. This chapter of our listed companies to announce its 2006-2007 annual report time for the disclosure of multiple regression analysis, from the perspective of corporate governance research firm, the issue of timely disclosure of information. The results show that corporate governance mechanisms at the first major shareholder ownership, the establishment of the Audit Committee and the dual leadership of the annual report of the existence of an important impact on the timeliness, and Board Member holdings, the actual control of the nature of people and the proportion of independent directors on the Annual Report of the timeliness of no significant impact.Chapter 8: Conclusions, innovation and future research directions. The full text of this chapter as the conclusion, the main thesis in the conclusion of the study summed up and summarized on the basis of the thesis of this study pointed out that the existence of deficiencies and follow-up research.Innovation of this article:First of all, In this paper, the right of fair trading to protect investors and the right to obtain information as a research starting point for disclosure of information, the disclosure of information for the company's research provides a new perspective, in the company's information disclosure and investor protection on the basis of the theoretical analysis of listed companies investors, information disclosure mechanism to make the mechanism of protection analysis, our country set up mechanisms for information disclosure of listed companies to play a function of investor protection framework for the analysis of information disclosure and investor protection system to conduct in-depth background and analysis of the status quo. Publicly accessible in the literature, have been found similar to China's listed companies to disclose information of the systematic study of the mechanism.Secondly, In this paper, "Information disclosure strategy selection cause information disclosure strategy→Information disclosure strategy→Change the disclosure of information protection of investors," the main line for the study, based on China's equity capital markets, conducted an in-depth theoretical analysis and empirical testing. The study found that the company's accounting information quality and timeliness of information disclosure to investors to play a protective function; However, due to the quality of information disclosure is not high, by increasing the frequency of disclosure of corporate information is still far from enough, but also in enhancing the disclosure of information further improve quality; the basis of fair value does not become effective investor protection constraints, but the company may become a means of earnings management.Thirdly, Disclosure of company information integration strategy selection framework for the analysis of motives, from the equity characteristics, management motivation, and other aspects of corporate governance of listed companies on China's strategy for information disclosure system factors affect the depth of empirical testing, especially for the corporate governance mechanism to explore the depth of and validated, to some extent on the current information the disclosure of the relevant factors to increase the thickness of the research to investors and company information disclosure mechanism to test the impact of the economic consequences of disclosure of information, which for our system of information disclosure of listed companies and capital construction market, how to protect the interests of investors to provide the empirical basis of science.Fourthly, Relevant strategy for information disclosure of listed companies choose to move because of the study, most of the theory of qualitative analysis. From the corporate governance structure, ownership and control characteristics of the nature of the right people to carry out empirical studies, such as less, the study also ignores the many other elements of the governance structure, are not systematic and comprehensive. This article is from the theoretical and empirical study of two angles, from the equity characteristics, characteristics of the board of directors and managers to analyze the characteristics of the three information disclosure strategy the company's choice of driving forces. And therefore the content of this article than in the past, innovation has been evident.In this paper, the limitations of the study:First of all,In this paper, although the background of our country's system of analysis, but the analysis of information disclosure mechanism to investor protection and disclosure of company information fixed by selection strategy, the main developed countries in the mature markets of Western classical theory as the theoretical basis, so this article will be evidence The results of the interpretation and the rationality of logic have been affected. Secondly,In this paper, the extent of earnings management as a measure of the quality of accounting information target, but the quality of accounting information to measure a lot of the target, such as the sustainability of earnings, stability and so on, but also from other point of view should be to do further study. Also on the earnings management is used in this article are in absolute control and should be counted, but a lot of research has confirmed that the earnings management of listed companies in China a wide range of means, a lot of listed companies directly through the reorganization of assets, related party transactions such as earnings management, so can also be used for other and better ways to capture the target market and the company's earnings management behavior.Thirdly,In this paper, empirical testing of our country the quality of accounting information and annual reports of the impact of the timeliness of factors, our country in 2006 because of the promulgation of the new Accounting Standard for Business Enterprises from January 1, 2007 only at listed companies in the implementation of the 2008 annual report of listed companies as of Thesis the formation of the first draft has not yet been released, only the year 2007 guidelines for the implementation of the new Report, which will study the conclusions of this article the robustness of the impact. Therefore future research studies span can be extended to further study to verify the implementation of new accounting standards for business enterprises of the economic consequences.