Study On Forest Assets Accounting Information Disclosure And It's Quality Of Listed Companies

The Chinese Ministry of Finance issue 38 "Accounting Standards for Enterprises"and its application guidelines in 2006,and firstly implementation of the listed company in China since January 2007,followed by state-owned enterprises,a new round of accounting reform fully swing in China.These include the "Enterprise Accounting Standards No.5-biological assets"(referred to as CAS 5),this is our Country first time to stipulates the accounting content of biological assets(including forest assets)in the form of Standards,such as accounting recognition accounting measurement and information disclosure.What is the status of forest asset accounting information disclosure to listed companies in China,there is any problem,and how to improve accounting information disclosure quality of forest asset of the listed companies in China give rise to the great concern in the theoretical circles,the existing research focuses on existing problems of accounting information disclosure of forest assets of listed companies in 2007,but not analysis about it in-depth.This paper,based on Capital efficient market theory,Agency theory,Asymmetric information theory,the theory of externalities,Accounting goal theory,Integrated use of the inductive method,comparative analysis method,entropy weight method,multiple linear regression analysis and other methods,listed companies with forest assets from 2007 to 2011 in China Shanghai and Shenzhen Stock Exchange as research object,theoretical analysis and empirical test issues of forest assets accounting information disclosure and it's quality of listed companies,and put forward corresponding policy recommendations to help to deepen the existing theoretical research,and provide useful lessons to improve the accounting information disclosure of forest assets of listed companies in China,thus contributing to further implementation of CAS 5.The main conclusions are as follows:(1)Forest assets have the following characteristics:dual nature of value-added,fuzziness of classification boundaries,incompleteness of property,comprehensive of effectiveness.So that the forest assets accounting information disclosure are different from those of other biological assets.(2)Existing problems on forest assets accounting information disclosure of listed companies in China have following four aspects:? Revealing of the risk and it's management measures are not fully,mainly manifested in the lack of disclosure in policy risks and technical risks,a lack of disclosure of the associated risk's influence on company and the company's approach to risk management measures.?Comparability is poorly,mainly manifested in that project of the statement presentation and disclosed content in the notes are inconsistent between different sample companies as well as between different accounting years of the same sample,?Completeness is not high,mainly manifested in that disclosure on accounting policies and accounting estimates are inadequate,and low in disclosure proportion of the physical volume.?Clarity is not strong,mainly manifested in that forest assets accounting information disclosure is inconsistent with the relevant disclosure requirements,classification of forest assets is not clear.(3)Forest assets accounting information disclosure of listed companies in China should considerer the integration of the accountability view and decision-usefulness view,and focus on disclosure of the accountability information.(4)The quality requirements of accounting information disclosure include three aspects consist of the quality requirements of content of accounting information,the quality requirements of representation of accounting information and the quality requirements of behavior of accounting information disclosure,taking into account the specific characteristics of the forest assets,the paper argues that the disclosure of forest assets accounting information need special consideration on the comparability,prudence,integrity,contrast of cost and effectiveness.(5)Selecting five representative indicators consist of "the type of audit opinion","whether is punished","whether to release a patches","the content index of forest assets accounting information disclosure","time delay days of annual report",implicating entropy theory model to evaluate the quality of forest assets accounting information disclosure of listed companies,the results of the evaluation show that:"the content index of forest assets accounting information disclosure" and "time delay days of annual report" have a greater effect on quality of forest assets accounting information disclosure.Between different sample companies as well as between different accounting years of the same sample have a greater difference in the quality of forest assets accounting information disclosure,the quality of forest assets accounting information disclosure in 2007 higher than the next four years.(6)using multiple linear regression analysis method,factors affecting the quality forest assets accounting information disclosure of listed companies are empirically tested,the empirical results show that:?In terms of the company's financial characteristics,company size,forest asset size,asset-liability ratio have a significant impact on the quality of forestry assets accounting information disclosure of listed companies in China.? In terms of corporate governance mechanisms,nature of company property,whether the two posts of the chairman and general manager is a person,have a significant impact on the quality of forestry assets accounting information disclosure of listed companies in China.?In terms of corporate governance environment,the degree of government intervention has a significant impact on the quality of forestry assets accounting information disclosure of listed companies in China.The larger size of company,more forest assets,the nature of the state-owned property,the higher degree of government intervention are conducive to improve the quality of forest assets accounting information disclosure,and the higher asset-liability ratio,the two posts of the chairman and general manager is a person have a negative impact on the quality of forest assets accounting information disclosure.(7)Based on the demonstrated analysis of the previous section,put forward policy recommendations as following:? In terms of accounting recognition and measurement of forest assets,this paper argues that the relevant departments should further clarify specific classification criteria of forest assets,site preparation expenses credited to cost of forest assets initial recorded,reduce selection of shade density range in initial cost accounting measurement of forest assets.?In terms of forest assets accounting information disclosure,this paper argues that forest assets should be independent from the existing biological assets,which "forest assets "project as a whole reported in non-current assets part of the balance sheet;In addition,in the Notes or other accounting information carriers,it should increase "the Changes Details List of the amount of forest assets" and "the Changes Details List of the physical volume of forest assets",clearly defined information disclosure about the forest asset risks and it's management measures,information disclosure about ecology and social benefits of forest assets.?In supporting policies for forest asset accounting information disclosure,this paper put forward the following policy recommendations:appropriately increase the proportion of state-owned shares in listed companies of owned forest assets,further strengthen external supervision about information disclosure from government departments,etc.In this paper,the characteristics and possible innovations are as follows:From the perspective of the quality of accounting information disclosure features to built quality evaluation index system of forest assets accounting information disclosure,and whereby quantitative evaluation on the quality of forest assets accounting information disclosure of listed companies using Entropy Method;Empirically test the factors that influence the quality of forest assets accounting information disclosure using multiple linear regression analysis.