Research On Information Disclosure Management Of Listed Firms

The capital market needs high quality information, but it a double-edged sword for the listed firms, researches have been proved that high quality information disclosure can improve the stocks'fluidity, decrease the cost of capital. At the same time, information disclosure may also improve the firms'management cost. How to keep balance between cost and return is the main task of the manager. In order to get the largest return of the company and the manager himself, the managers have to choose disclosure management to influence and control the information because of its low cost and strong concealed.Disclosure management is result of the game among the listed firms', investors and the government. At present, less research is focused on the theoretical foundation of the disclosure management and its impact on the market and the investors. This thesis studies the disclosure management in virtue of the theory and method of financial economics and information economics, and studies the micro-financial foundation and the way of supervise to the disclosure management.The concepts related with disclosure management are described, the back ground, motivation and the basic theory foundation of disclosure management are analyzed. This thesis studies the disclosure management from three stages which is the information produce, dissemination and reception. The study make up of information quality management, disclosure timing management, disclosure dissemination and the supervision of information disclosure.The micro-financial theory was studied from the relationship of information disclosure between the cost of capital and system risk management. By introducing the information correlation hypothesis, the listed firms'information disclosure quality choosing model was constructed under the condition of information isolated and correlated, and the information disclosure quality optimal control strategy was obtained based on the cost of capital and system risk management. The results supply the theory foundation to explain the listed firms'information disclosure management. This thesis proposed a new method to evaluate the information quality by date mining technology, and carry out the empirical research based on the China security market. According to the timeliness character of information disclosure, study the information disclosure timing management from two different angles. Firstly, the disclosure timing management strategy of timeliness disclosure was studied; secondly, study the influence factors of the periodic reports, by the empirical research the thesis analyzed the comprehensive impact factors of the periodic reports under the security market environment of China.Based on information transfer theory, two aspects of the studies were proposed, for one side, study the management behavior during the information dissemination from public disclosure, insider information dissemination and intra-industry information transfer, and construct the information transfer model in security market and analyze the management strategy of the listed firms'during the process of information dissemination. For another side, based on the impact of disclosure management to the information quality and the ways of disclosure management, the thesis suggests several supervision measures, and tests the function of information agency in supervision.By the studying of the micro-financial foundation and the style of disclosure management, make the investors apprehend and cognitive the listed firms'information disclosure behavior. Theses studies improve information disclosure theory research, and they have important meanings to improve the information disclosure quality, promote the scientific supervision, the market efficiency and justice of securities market.