Information Content Of Corporate Governance Disclosure

The target of corporate governance is to improve the science of company decision through the right balance. The normal information disclosure not only can realize the corporate governance target truly and objectively, but also can affect the valuation judgment of investors. Whether the corporate governance information disclosure of our listed companies sound or not is related to the economy and finance reform of China and to the development of the security market to keep on successful. So, the importance of the corporate governance information disclosure is to represent day by day. However, does the corporate governance information on the announce day of finance reports have the information content? This is a problem that demands to be confirmed. For this, the thesis wants to answer the problem through the empirical study. This thesis adopts event study and connection study; uses cumulative abnormal return and multi-regression models; connecting the actual circumstance of our country's security market, we have an empirical analysis of 208 listed companies samples between cumulative abnormal return and the ownership construction, board of directors character and cumulative abnormal return aspects at Shanghai's and Shenzhen's stock market from year 1999 to year 2002. We get first step conclusion: the corporate governance disclosure has information content, according to the difference between the study samples and control samples in front and back of the window. But at the aspects of the ownership construction and board of directors character to cumulative abnormal return, we discover that the board of directors character not having so much information content than the ownership construction. Seeing the examination result from the year, the information content of corporate governance disclosure has not the difference from year 1999 to year 2001, but it increases obviously in year 2002. In addition, we lead into the independent director specially in year 2002, but it does not pass the statistic examination and it is contrary with our assumption, which makes it clear furthermore that the independent director has not risen its function that it should have in the corporate governance.