A Study Of Business Information Disclosure And Its Economic Consequences

Information is crucial and plays the basic role in the operation of capital market.On the one hand,it is used by investors to judge potential investment opportunities;on the other hand,capital providers can use information to design corporate governance mechanisms to ensure the rational and effective use of capital(Beyer et al.,2010).As the development of the society and technology,we must continue to rely on more effective information transmission methods to ensure the vitality of the market.Therefore,the continuous improvement of the information disclosure system of listed companies made us move towards protecting the interests of investors and maintaining the vitality of the securities market.Accounting information is one of the important contents of early research on capital market information transmission.A large number of scholars have discussed the quality of accounting earnings information and its role in the capital market(Watts,2003;Ashbaugh-Skaife et al.,2008;Ball and Brown,1968;Ohlson,1995).With the development of the market,some scholars' discussions on non-financial information have also become the focus of research on information disclosure,including market share(Amir and Lev,1996),and internal control information disclosure(Harnmersley,2007;Zhou et al.,2013),Carbon information disclosure(Marland et al.,2009),environmental information disclosure(Alciatore,2006;Frost,2007),social responsibility information disclosure(Dhaliwal et al.,2011),etc.When there is a highly relevant and substitute information with accounting information,What changes the accounting information will appear? What will happen to the use of market information? The regulator's set of guidelines on information disclosure provides a viable testing environment for us.From 2013 to 2016,the Shanghai Stock Exchange issued a series of industrial information disclosure guidelines,which further improved the information disclosure of listed companies.By the end of 2016,a total of 19 industries had been regulated by the Shanghai Stock Exchange for industrial information disclosure.In the information disclosure guidelines,listed companies were forced to disclose their operating data on a quarterly basis.At the same time,in a series of industrial information disclosure guidelines issued by Shenzhen Stock Exchange,there is no mandatory disclosure requirement for the contents of quarterly operating information.In this paper,the event of mandatory disclosure of operating information in Shanghai Stock Exchange was used to conduct DID research.The industries in which mandatory disclosure of operating information was made in Shanghai Stock Exchange were taken as the treatment group,and the companies in the same industry in Shenzhen Stock Exchange as the control group.2 years before the introduction of the guidlines of the Shanghai Stock Exchange is before,2 years after the introduction of the guidlines of the Shanghai Stock Exchange is after.This paper is divided into the following three parts to conduct research on operating information disclosure and its economic consequences :(1)the impact of operating information on accounting information.(2)The impact of operating information on the capital market.(3)The influence of the degree of relational transactions on the function of operating information.Through the empirical study of this paper,it is found that,first of all,operating information,as a kind of non-financial information disclosure that has a certain substitute with financial information,has a significant impact on financial information.Specifically,after the disclosure of operating information,the annual and quarterly accrual earnings management significantly decreased,and the fourth quarter earnings reversal significantly decreased.This shows that after the disclosure of operating information,the quality of the company's financial information has been significantly improved.Secondly,the disclosure of operating information improves the efficiency of information transmission and the information environment.After the disclosure of operating information,the forecast error of analysts is significantly reduced,and the earnings value-relevance calculated under the level model and the change model is significantly improved.This indicates that after the disclosure of operating information,the accuracy of analysts' forecasts is improved,and earnings information is more useful in valuation.Finally,the mandatory disclosure of operating information makes the previously hidden information in relational transactions forced to be public.In this case,formerly private information is now public information,which improves the transparency of the company to a certain extent.The mandatory disclosure of operating information mentioned above plays a more obvious role in companies with more relational transactions.Specifically,compared with companies with fewer relational transactions,companies with more relational transactions can effectively improve the quality of accounting information by mandatory disclosure of operating information.In addition,compared with companies with fewer relational transactions,companies with more relational transactions can reduce analyst forecast errors and improve the relevance between earnings and stock price.Therefore,for companies with more relational transactions,mandatory disclosure of operating information can improve the information environment more and improve the efficiency of information transmission more.The research contribution of this paper lies in four aspects.First,information transmission is the basis of market operation,and how to transfer information more effectively is the basic theory of capital market information environment.For nonfinancial information,the existing literature is developing,but the operation information is a unique non financial information.It is close to financial information,and is a true reflection of the underlying data of financial information.It's straightforward and timely,the understandability and timeliness of information is different from the traditional non-financial information.However,the relevant research has not been carried out yet.This paper tries to open up the research in this field and supplement the historical literature of non-financial information.Second,the accounting information quality is a global problem and this paper is different from the past discussion on accounting information quality through external regulatory penalties and internal corporate governance to improve the quality of accounting information.It innovatively discusses that the accounting information can be more understanding and verification in a timely manner to improve the quality of accounting information from the perspective of competition between information,and provides a new theoretical basis for improving the quality of the accounting information.Third,as a way of information transmission that is closer to the real information environment,the simultaneous transmission of information and its interaction have become one of the hot topics of scholars' attention in recent years.The simultaneous transmission of operating information and financial information is exactly a form of information that may produce strong interaction,and the system of China's capital market provides conditions for our inspection.This paper takes the operating information and financial information disclosed in the same period as the research object,discusses how the information users use the incremental information that may produce mutual substitution,and deepens the theoretical basis of complex information transmission in China's capital market.Fourthly,the study of the information environment under relationship-transactions is a potentially unique contribution to China's capital market research.In countries in transition,laws and other formal systems are imperfect,and the cost of self-enforcing relational contracts is lower.Informal contracts are more prevalent,and relationship-transactions account for a large proportion.In a market environment where there are many relationship-transactions,the impact of corporate operating information on accounting information and the impact on the information environment of capital market may have different performance characteristics.By introducing relationship-transactions,it can theoretically form a powerful supplement to the interpretation of China's information environment,broaden the research perspective of information environment,and improve the usefulness of non-financial information theory.This article also has strong practical significance.Diversified information is a true portrayal of capital market information transmission.Regulatory authorities need to have a better cognitive basis for information transmission and develop targeted measures.This article studies the information environment from a more realistic perspective of complex information,which is helpful for the refinement of supervision and the improvement of the effect of the supervision.