A Study On The Quality Of The Disclosure Of Financial Information On Financial Derivatives

The second half of 2008, the U.S. sub-loan crisis sparked a global financial tsunami, keen financial derivatives business major investment bank was unable to escape defeat at the fate of loan crisis, Bear Stearns was a few months after the merger, Lehman Brothers Holdings Inc. bankruptcy protection, followed by sharp fall in U.S. stocks from a large number of business failures, high unemployment, widespread social and economic depression,......, sub-loan crisis of the derivatives shown by the transition of financial innovation, low-quality financial information to disclose, information monitoring adverse are triggered an important reason for the financial tsunami.Therefore, in order to ensure that listed companies in 2007 to implement the new financial accounting standards and implement systems to enhance the quality of financial information disclosure, the Ministry of Finance called for listed companies in the implementation of the new criteria, the quality of financial information the disclosure of the status of a full investigation. Financial derivatives to take into account the unique nature of profitability and risk, and the author of targeted financial derivatives on the quality of financial information to carry out an empirical survey found that China's early 2007 launch of 39 new enterprise financial accounting standards, which cover financial derivatives to disclose financial information related to the content of more than 30%.However, China's derivatives market has yet to take shape in the financial derivative markets against the background of the missing, the government-led financial derivative instruments for financial information of a large number of mandatory disclosure of information is no doubt highlight the "excess", the quality of information disclosure in the lower status, This will not only lead to the disclosure of information between actors friction and increase transaction costs, and the impact of financial derivative information of relevance and reliability, and proceeded to affect the listed Companies derivatives innovation and derivatives of the normal development of financial markets, ultimately leading to economic resources can not achieve Pareto optimality. In view of the future in the capital market development, financial derivative instruments and its prospects for the development of the unique importance of how to improve financial derivatives information disclosure mechanisms and improve the financial derivative instruments to financial disclose information quality, has become to improve the efficiency of resource allocation and enhance welfare of society as a whole an important proposition on China's economy to achieve a balanced sustainable development is particularly important theoretical and practical significance.In this paper, the economics of information, such as economic theory as the basis, for the globalization of capital markets research background, and to derivatives disclosure of financial information for the study of the quality of the core, in accordance with the "theoretical foundation-the disclosure of motivation-Application Analysis-Improving the development " of the logic of ideas tentative on financial derivative instruments listed Companies to disclose financial information to carry out the exploration of the quality of research.The dissertation consists of the following five parts:Partâ… introduces the background, approaches, framework, innovation and weakness of the dissertation.Partâ…¡discusses the development of the system of disclosing financial information about financial instruments in China and in the rest of the world, and makes a comparison between them.Partâ…¢is the thereotical part of the dissertation. In this part, a model is built to interprete the factors decisive to the quality of disclosure of the financial information about financial instruments, and the influence of disclosure cost is also analysed.Partâ…£investigates the status quo of the quality of Chinese listed banks' disclosure of the financial information about financial instruments as well as the problems existed and the corresponding reasons.Partâ…¤puts forward a series of proposal designed to elevate the quality of Chinese listed firms'disclosure of the financial information about financial instruments.