Study On Analytical Financial Information Disclosure Of Listed Companies In China

The security market has played a more and more important role in China and has been the major propellent and capital provider to the economical development despite a late start. The healthy development of the securities market is concerned with the reasonable coordination and efficient ration of limited resource in the society. Therefore, how to construct efficient security market has been focus observed by academic and practical area. The efficient security market will greatly reduce the information asymmetry between the managers of listed companies and the external investors. As a consequence, not only do we concentrate on the supervising it singly, but also we need to analyze both the content and characteristic of information disclosed by listed companies, and then supervise and motive them respectively.Viewed from the process to the formation of information, disclosed information can be divided into two parts, the analytical and the non-analytical. Based on accounting view, the paper defined the analytical financial information from the analytical information as the study object. The analytical financial information is the result of reprocessing to some basic financial data by the managers of listed companies combined with the financial environment and the business environment, including analysis of historical information and forward looking earnings. Consequently, the substantively analytical financial information is connected with the decision-making of investors tightly. The purpose of the paper is to exactly define the analytical financial information, at the same time, to discuss the disclosure characteristics of it theoretically and institutionally, to quest a way to evaluate it, and ultimately to advance the substantive disclosure of the analytical financial information.Only by knowing and differentiating some correlative concepts is the first step to form the research thinking. Chapter one defines and differentiates three correlative concepts, the compulsive disclosure information and the voluntary disclosure information, the analytical information and the non-analytical information, the analytical financial information and the non-analytical financial information. Aside from above, this part has also limited the extent of the study object. Finally, summarizing the surveying of previous research and propose means of solution to it.Chapter two, based on theories, including principal-agency theory, public goods, efficient market hypothesis theory, signaling and the cost-benefit analysis, is to analyze the logical origin, fundamental characteristics, market environments and restrict conditions.According to the above, Chapter three further discussed the correlative institutions of the analytical financial information both in America and in China, analyzes the differences between them, and set the framework of statistic analysis for the following parts.Chapter four is mainly about statistic analysis, which collected the stylebooks by random sample after classifying the content of the analytical financial information of the listed companies in china, and puts the corresponding data to an evaluate system. Hence, the disclosed actuality of analytical financial information and the reasons can be discussed by the qualitative analysis and the quantitative analysis.The flexibility of disclosure is so great that whether to substantively disclose the analytical financial information by the listed companies. In some extent, as a kind of market behavior, the disclosure of analytical financial information is not just normalized by the system. But from the five aspects, which are the supply and demand part, the evaluate part, the correlative system, and informative technology. Chapter five analyzed how to advance the substantive disclosure of analytical financial information efficiently from the above five aspects.