The Discussin Of Corporation Governance Information Disclosure Of Domestic Listed Companies

The information disclosure system as a foundation stone of security market is a basis for the principal of "openness,justice and fairness" and Also a powerful tool to protect the interests of investors and improve the efficiency of market allocation of resource. As the main Information disclosure entity, listed companies and public investors are most closely, therefore information disclosure of listed companies has become the core of national securities market legislation. Meanwhile, the establishment and improvement of information disclosure system of listed companies has become the key agenda of the development and supervision of the securities market.With the growing concern of corporate governance, corporate governance disclosure of listed companies will highlight its role in the securities market information disclosure.Corporate governance information has a broad sense and a narrow sense, the broad sense of corporate governance information include all the information that companies have disclosed, containing financial information and non-financial information; The narrow sense of corporate governance information is mainly base on non-financial information, mainly can be used to describe the decision-making, processes, results and information on governance mechanisms of corporate governance. This article is discussed in the narrow sense of corporate governance information; do not include the traditional financial accounting information. Disclosure of corporate governance information can help to eliminate the information asymmetry between management and external users; help to improve the transparency of corporate governance and promote listed companies to improve their corporate governance structure; contribute to better meet the information need of users better; Also can help regulators monitor and manage effectively, and promote stock market stability and healthy development.Corporate governance information disclosure in overseas has received more and more widespread attention from enterprise, investor and government. Since the establishment of the stock markets, the relevant departments have attached great importance to information disclosure, and have made corresponding rules to corporate governance information disclosure. In recent years, with the gradually complicated domestic and abroad financial market environment, Chinese regulators have enlarged supervision of listed company information disclosure, and have released a series of relevant policies. The theorists have also launched heated discussion and come up with all kinds of solutions. Through comprehensive survey research, however, it discovers the fact that both supervises and the academic field pay more attention to financial accounting information disclosure and information disclosure than to corporate governance information, and the research on corporate governance information disclosure is still insufficient.Nowadays, main questions existing in listed company disclosure of corporate governance information in our country are the timeliness of corporate governance information is not strong, annual report disclosure of listed company having a long delay, and then it will be not conducive for investors to use the information effectively. There is certain false disclosure in corporate governance information, the disclosure of corporate governance information is lack of substance, and corporate governance information disclosure is certain tendency selectively, and lacking of voluntary disclosure. So, these problems make the information content and effectiveness of corporate governance information is low, its due role can not be played.In order to improve the situation of corporate governance information disclosure in our country, it should depend on the common efforts of relevant regulatory authorities, investors and enterprises. First, corporate governance information disclosure system need to be perfected, relevant disclosure rules should be amended, strengthening the constraints of corporate governance disclosure, shortening disclosure deadline appropriately and refining the content. Secondly, enhance investor's investment theory of propaganda, promote their attention on corporate governance information, and make them establish the correct investment philosophy, so protect their own interests better. Thirdly, listed companies in our country need to improve their corporate governance constantly, disclose corporate governance information more actively, enhance the quality of information disclosure. Finally, we also learn advanced theoretical results and practical experience from Foreign. Only by doing that will we be able to improve the level of corporate governance disclosure of listed companies quickly, improve the transparency of listed companies, protect the interests of investors effectively.