The Study On Accounting Information Disclosure And Supervision Of Listed Companies

The institutions of information disclosure accounting has been primarily built in China's securities market based on balance sheet, profit statement and statement of cash flow, which is the inevitable requirement for the development of securities market. Vast accounting information coming forth will provide some basis for investors when making decisions, however, it will bring some difficulties for them to identify if the information is truth or false. From the case of Qiong-mingyuan revealed in 1997 to those fatal cases on false information disclosure such as Zheng-baiwen, Lan-tian Stock, Yin-guangxia etc., it shows that the distortion and malice pricing still do a great harm to the securities market. Limited quality and weak discernment of investors impair the validity of existing institutions of information disclosure. Listed companies always provide expected information according to the preferences of the market in order to attain iniquitious purposes. Therefore, further perfecting the institutions of information disclosure is the keystone of current task to reinforce the supervision on accounting information of listed company.This paper starts with the accounting information disclosure aiming at the characters of China's securities market. Canonical and empirical analysis as well as the knowledge on Finance, Accounting and Econometrics are used in this paper. After analyzing large amount of detailed data, this paper computes and compares the financial accounting indexes, and brings forward some worthy ideas.This paper consists of five chapters, the main content as follows.In the fist chapter, the background and reason for selecting this topic are introduced, and the structure and study methodology are presented. After briefly reviewing relevant references, the Randomness Theory, the Effective Market Hypothesis Theory and Modern Portfolio Theory are expounded.In the second chapter, after reviewing the development history of information disclosure in foreign countries, the institutions of information disclosure on securities issuing and durative are introduced. Afterwards, the problems emerging in the accounting information disclosure of listed companies in China and the reasons leading to those problems are lucubrated.The third chapter is the empirical analysis part. The principal subject of study is the relationship between the accounting information and share prices. The purpose is to find out the key factors affecting the share prices so that some countermeasures could be taken in supervision. Firstly, some hypothesis are made and a model is built to establish a linear equation consisting of accounting information and share prices, whose variables are the twenty accounting indexes disclosed in the annual report of listed companies,and whose dependents are the corresponding closing rate. The selected samples, time and sources of data are also mentioned. Secondly, the correlation analysis is made between various accounting indexes and share prices both in short term and long term. The third step is the regression analysis between accounting indexes and share prices. Using the regression model of section data in different periods, this paper tries to find a common rule which affects the share prices. The results are:1) There is a significant correlation between accounting information and share prices.2) The accounting information has obvious effects on the share prices both in short term and long term.3) The effects mainly converge on few profit indexes such as the net profit per share and net return on equity.4) The index of cash flow which was emphasized is not so effective.In the fourth chapter, together with the practical situation of securities market, it is discovered that the manipulations of accounting information by listed companies mainly converge on the manipulation of profit. According to this character, this paper analyzes the reasons and conditions of manipulation of accounting information by listed companies, and expatiate the various means used by listed companies to adju...