Empirical Research On Influence Of Foreign Investors On Quality Of Information Disclosure

By the reform and opening up policy of China,Foreign investors entered the capital market of China and started buying the shares of listed companies.That has produced important influence to the corporate governance of China.And the market is a collection of information,the information disclosure is an important tool to connect the capital market to the listed companies.So Foreign investors as the shareholders of the listed companies must be paid great attention to the quality of information disclosure.Domestic scholars have done a lot of theoretical studies to foreign investors or the quality of information disclosure,but the studies of foreign investors and the quality of information disclosure are rarely.There have no empirical research on influence of foreign investors on the quality of information disclosure by now.There are tow reasons to explain the situation.One reason is that the time of foreign investors entered our market is very short,and the research on foreign investors is little;the other reason is that the empirical research is hard to do because the data of foreign investors is hard to search.But the research on influence of foreign investors on the quality of information disclosure is good to standard,educate and supervise to foreign investeors;and is good to improve the corporate governance of listed companies and the quality of information disclosure.For the above reasons,the paper's research topics is the influence of foreign investors on the quality of information disclosure.In the theoretical research,first we reviewed the research results about foreign investors and the quality of information disclosure in the past,and we systematically elaborated the background of foreign investors'development in China and summarized the special nature of foreign investors by the background,finally,we analysised the motivation and the mechanisms of the influence of foreign investors on the quality of information disclosure comprehensive ,and we discussed the mechanisms by two perspectives of the internal mechanisms and external mechanisms.In the empirical research,we proposed hypothesis by the theoretical analysis,then we researched the influence of foreign investors on the quality of information disclosure by action of nature and factors.Finally,based on the theoretical research and empirical research findings,we put forward that we should introduct foreign investors reasonable,strength the supervision and education to foreign investors and improve the information disclosure system of the capital market further and so on.Conclusion of this paper are in the following areas:we researched the quality of information disclosure by the perspective of foreign investors in the first time,we found that foreign investors holding a positive correlation with the quality of information disclosure;the percent of foreign investors'shares and the number of foreign investors also holding a positive correlation with the quality of information disclosure;when foreign investors entered the board of directors of the invested enterprise,it is benefit to improve the quality of information disclosure;compared with the QFII,foreign corporate investors is more benefit to improve the quality of information disclosure;the influence of foreign investors on the quality of information disclosure in the state-owned companies is different from the non-state companies,compared with the state-owned companies,the actively influence of foreign investors on the quality of information disclosure is more bigger in the non-state companies.