Transparency Of Accounting Information Of Listed Companies Studied

Accounting information transparency is most important problem of capital markets and it receives more attention both from academia and practitioners. It is universal in capital markets and more serious in emerging stock markets such as China. For starting relatively late, there are still long distances for us to keep up with developed countries. The accounting information disclosures of our listed companies are faced with the main problems of delay, reluctance, inadequacy and forgery, which cause very serious economic consequences. A series of accounting information disclosure violations harm the investors'interests, hit their confidence, distort participants'transaction behaviors, bring high supervision costs, ruin market environment and seriously destroy the whole market. So, it has profound theoretical and practical significance to effectively discern and improve accounting information transparency. Based on theoretical and empirical analysis, this dissertation hopes to supply theoretical and practical supports for enhancing accounting information transparency and promote capital markets'development.This dissertation starts from the definition of accounting information transparency and sets up the research framework along with the clue of its important role, its present situation, its economic consequences, its determinants and the inspirations. Firstly, this dissertation analyzes the interrelation between accounting information transparency and accounting information asymmetry, definites its role in quality of accounting information, and practically tests its action on allocative efficiency of resources. Secondly, this dissertation studies the present situation of accounting information transparency in China, and then probes into its economic consequences by using game theories, CAPM model and classic cases. Finally, based on the datas of A-share listed companies,this dissertation establishes positive models to test the effects of indicators of capital structure, operating capacity, profitability, growth ability, audit opinion, rule violation, investor's characteristic on accounting information transparency.The main conclusions of this dissertation are as follows:The improvement of accounting information transparency level can relieve the degree of accounting information asymmetry. Accounting information transparency at least contains the basic characteristics of reliability, relevance, understandability, comparability, timeliness, materiality, substance over form, prudence, integrity and publicity, and it is a comprehensive indicator to measure the quality of accounting information. The improvement of accounting information transparency can relieve the information risks for investors, promote resources optimization deployment and enhance the operating efficency in stock markets.Through statistical analysis, it is only to find that the problems of material matter disclousure delay, periodical report delay, inaccurate promotion prediction, and forgery are still serious, although it has achieved some improvement on the quality of accounting information.With the worsening of accounting information transparency, the balance prices of capital assets have larger deviation from their real values, the systematic risks and fluctuations become heavier, the stockholders get more losses, the capital costs and social costs get up. These problems cause market inefficiency ultimately.In determinant models, the indicators of total asset turnover, rule violation, rate of institutional investors'shares are always most significant, while equity multiplier, accounts receivable turnover, rate of operating profit in total operating revenue, rate of fees during selling period, rate of selling costs, operating revenue growth rate,and audit opinion are significant for some part samples. As a whole, these indicators influence the accounting information transparency level together.The main contributions of this dissertation are provided as follows:This dissertation chooses the new subject of accounting information transparency, studies systematically by centering on the clue of definition, theoretical bases, present situation, economic consequences, determinants and inspirations. Considering the quantity and quality factors, this dissertation chooses Shenzhen Stock Exchange's information disclosure evaluation results as accounting information transparency variable and does researches in A-share markets, which avoids one-sided problems. It is the first time that this dissertation probes into the relations among accounting information transparency, accounting information asymmetry and accounting information quality. And also these discussions highlight the importance of accounting information transparency. Considering the interests of all relevant parties, such as the listed companies, the shareholders, the regulatory bodies and the publics, this dissertation analyzes the effects of accounting information transparency on capital asset prices, capital costs, social environment, systematic risks, fluctuations, shareholders'wealth, and regulatory costs. This dissertation establishes positive models and studies the effects of overall finance indicators on accounting information transparency, while few researches do like this now. At present, there are several positive researches on accounting information transparency, but they mainly study on corporate governance indicator determinants, fewer on finance indicators.This dissertation comprehensively applies many research methods. Firstly, this dissertation combines together with normative analysis and empirical analysis. Based on normative analysis, this dissertation uses empirical analysis to study accounting information transparency's function on resources deployment efficiency and its determinants. Secondly, this dissertation combines together with qualitative analysis and quantitative analysis. In addition to qualitative analysis, this dissertation uses quantitative analysis like statistical analysis to study accounting information transparency's present situation, and classic cases to study its economic consequences. Thirdly, this dissertation uses comparative analysis to discuss the requests for accounting information quality from the main international organizations, to study the present situation of accounting information transparency and to test variables in positive models. Finally, this dissertation uses game theory to analyze the effect of accounting information transparency on capital asset prices.And also, this dissertation researches into the roots of accounting information transparency problems, from the respects of accounting information's nature, the characteristics of accounting entities'behaviors, companies' internal management and the regulatory environment et al. Based on the studies and conclusions, this dissertation puts forward a range of suggestions and measures like establishing accounting information transparency evaluation system, strengthening supervision, setting up internal control system, building risk evaluation system, perfecting incentive and restraint mechanism, intensifying integrity construction, improving audit administration system and founding intermediary market. Upon overall finance indicators, this dissertation especially draws the outline of accounting information transparency evaluation system, which goes along the trail of basic objectives, basic principles, evaluation codes, implementation bodies, evaluation ways, general evaluation, item evaluation and reports. There is no doubt that the studies will have important significance in theory and practice.