Research On Corporate Strategy And Information Disclosure Quality

The securities market is very important to the development of the national economy.It has a positive effect on the rational allocation of resources,also benefits for the improvement of social economic and the promotion of technological progress.Ensuring the healthy development of the securities market is the highlight of the economic construction of all countries in the world,especially for emerging market countries.Strengthening the construction of information disclosure in the securities market is considered an effective and feasible way to build the securities market.However,information disclosure problems in China's capital market have emerged in an endless stream,the growing concern is that the quality of information disclosure by listed companies.In the information disclosure system construction,China's securities market has not only established an information disclosure and supervision framework similar to that of the developed capital markets,but also established a systematic supervision system.However,the efforts of the regulatory authorities have not yet essentially solved the problem of defined information in the capital market.Therefore,we need to not only strengthen the structure of the information disclosure system and management design,but also evaluate the factors that impact on the company itself,in order to identify and analyze the management model behind it,for example,link to the strategic positioning,.On the other hand,from the perspective of literature research,with regard to the economic consequences of different corporate strategy,a lot of research has been carried out,and many meaningful research results have been obtained by the scholars.However,the research on the relationship between corporate strategy and information disclosure is relatively lacking,and needs to be further expanded and deepened.Based on this,this article explores the impact of corporate strategy on the quality of information disclosure,and engage in in-depth analysis of the three dimensions of before,during and after the event.All content related to the subject of this article as follows:Chapter 1: Introduction.The first chapter systematically introduces the research background,purpose and significance,and points out the importance and necessity of topic selection.On this basis,outline the subject content of this article and its logical framework.It further selects and summarizes possible research ideas,approaches,techniques associated with this article.Chapter 2: The second chapter is the theoretical basis and literature review,systematically and comprehensively expounding the important theories and literature related to the subject of this article,providing a solid basis for subsequent research and analysis.Chapter 3: The third chapter examines the impact of corporate strategy on the quality of information disclosure.The research found that:(1)Company strategy will affect the quality of information disclosure,the more aggressive the corporate strategy,the worse the quality of information disclosure.(2)Compared to companies with less managerial power,in companies with greater managerial power,the degree of strategic aggressiveness has a greater negative impact on the quality of information disclosure.(3)Compared to companies led by a single major shareholder,in a company led by multiple major shareholders,the degree of strategic aggressiveness has a greater negative impact on the quality of information disclosure.(4)In samples with non-short-selling targets and samples with low product market competition,the degree of strategic aggressiveness has a greater negative impact on the quality of information disclosure.Chapters 4 to 6,this article summarily selects the information disclosure characteristics of the annual report in the three stages as an entry point to analyze the impact of company strategy on the quality of information disclosure.Including financial restatement,information disclosure violations and annual report readability,covering the three stages of financial information from "listed companies-regulators-information users",and dynamically reflecting the impact of corporate strategy on the quality of information disclosure.Chapters 4: The fourth chapter examines the relationship between corporate strategy and financial restatement.The research found that:(1)The more aggressive the company's strategy,the higher probability of financial restatement in companies.(2)Compared to companies with high accounting information comparability,in companies with low accounting information comparability,the degree of strategic aggressiveness increases the probability of financial restatement.(3)Compared to companies that choose the "Big Four" for auditing,in companies that not choose the "Big Four" for auditing,the degree of strategic aggressiveness increases the probability of financial restatement.(4)Compared to companies that have a higher proportion of independent directors,in companies with a lower proportion of independent directors,the degree of strategic aggressiveness increases the probability of financial restatement.However,the positive relationship between corporate strategy and financial restatement did not show a significant difference between different leadership structures(CEO duality)and different board sizes.Chapter 5: The fifth chapter examines the relationship between the corporate strategy and violations of information disclosure.The study found that:(1)The more aggressive of the corporate strategy,the higher tendency for its information disclosure to violate regulations.(2)Compared to companies held by stable institutional investors,in companies held by trading institutional investors,the degree of strategic aggressiveness increases the probability of information disclosure violations.(3)When many other companies in the same group violate the regulations,managers will follow suit.In this case,the degree of strategic aggressiveness increases the probability of information disclosure violations.(4)Companies to companies with higher levels of compensation incentives,in companies with lower levels of compensation incentives,the degree of strategic aggressiveness increases the probability of information disclosure violations.Chapter 6: The sixth chapter examines the relationship between the corporate strategy and the readability of the annual report.The study found that:(1)The more aggressive of the corporate strategy,the worse the readability of the annual report.(2)Compared to companies with higher internal control quality,in companies with lower internal control quality,the degree of strategic aggressiveness has a greater negative impact on annual report readability.(3)Compared to AH cross-listed companies,in non-AH cross-listed companies,the degree of strategic aggressiveness has a greater negative impact on annual report readability.(4)Compared to companies with more media attention and companies with more analysts following,in companies with less media attention and companies with less analysts following,the degree of strategic aggressiveness has a greater negative impact on annual report readability.Chapter 7: The seventh chapter introduces the research conclusions,research deficiencies and policy implications.The research characteristics and research innovations as follows:First,in terms of research perspective.Exploring the relationship between corporate strategy and information disclosure of listed companies is a content that has not been covered by existing research.The subject extend the financial problems research in the management-oriented strategy to promote the study of strategic management and finance research interdisciplinary.Strengthening the analysis of the status of information disclosure under the strategic management and control model can more clearly and comprehensively evaluate the quality of information disclosure of listed companies,which has important practical significance for promoting the improvement of the quality of information disclosure.Second,constructed a relatively complete theoretical framework.Study the relationship between different strategic positioning and the quality of information disclosure.On this basis,the reference evaluation mechanism of disclose information refer to the ratings of authoritative institutions.It is the first time in the preparation of the annual report,disclosure and read features three stages into the analytical framework.Fully outline a clearer,comprehensive and dynamic corporate strategic positioning difference and information disclosure difference f listed companies.This has important reference value for studying the obvious discipline and mechanisms of strategic differences in the company's activities.Third,constructed a research method that combines structured financial data and non-institutional text data,and the use and analysis of data is more comprehensive.Traditional analysis methods are based on structured financial data analysis,with the rise of computer science applications in finance,non-institutional text data analysis has gradually received attention.The empirical analysis through the research method of combining structured financial data and non-institutional text data,the impact of corporate strategy on the quality of information disclosure has been comprehensively analyzed,formed a relatively rich research method and structure.