A Study On Timeliness Of Information Disclosure Of China's Listed Company

Timely information disclosure on the stock market will reduce information asymmetry and the occurrence of insider trading, protect the interests of investors and help to improve the governance structure of listed companies. The listed company's timely disclosure of financial information is conducive to accurately reflect the intrinsic value of the company to the market so as to guide the market, optimal allocation of resources. Therefore, the validity of information in a timely manner is critical to the stock market.Board governance as an important mechanism of corporate governance are highly valued by the aboard experts and government officials. This paper study on the timeliness of information disclosure of listed companies from the perspective of the Board of Directors Governance structure, related to improve the timely relevance of information and regulatory supervision of the capital market, to provide important theoretical and practical significance to the promotion of stable and healthy development of listed companies. Based on asymmetric information theory and signal transmission theory, people inside the company have more inside information than outside investors, so as to obtain maximum benefits, the internal staffs maybe manipulate the content of information and timing of the possibility of disclosure. When listed companies choose the timing of information disclosure, what factors influenced the choice, whether there is associated with the selection strategy and the external features of the performance of the board.Avoid the policy implementation process's impacts, choose this stabilization period (from 2007 to 2009) information disclosure data on Shenzhen and Shanghai A-share listed companies, research on timeliness of information disclosure from the board governance perspective, the results show that:First of all, based on the analysis of A-share listed company information disclosure status from 2007 to 2009 and found that the annual reports of listed companies, semi-annual and quarterly reports focused on the disclosure at the last quarter of the statutory period of time. Then study the impact of Board of Directors Governance on timeliness of disclosure, results shows that setting of audit committee, the board size is irrelevant to disclosure timeliness; the Board of Directors due diligence degree promoted timeliness of information disclosure; proportion of independent directors have a positive impact on timeliness but the empirical results were not significant.In the end, the listed companies are divided into the state holding listed companies and non-state holding listed companies to compare, the results showed that the impact of the Board of Directors on the timely disclosure of information was not consistent between state-controlled listed companies and non-state holding listed companies: the correlation is different, with significantly different degrees.Therefore, regulators can strengthen board governance to improve the timeliness of information disclosure, to protect the interests of outside investors and reduce information retention time within the enterprise, and further to promote the stock market healthy and stable development. At the same time, establish a sound quality evaluation system to improve the timeliness and"true expression"of information disclosure, to enhance the effectiveness of China's securities market, making it closer to the strong form efficient market.