Research On The Relevance Between Quality Of Infrequent Earning Information Disclosure And Listed Companies' Performance

Information disclosure is the most important channel of communication between listed companies and their stakeholders, in some cases, it is the only one. The stakeholders judge the values of the listed companies through the acquisition of the public information disclosure etc, thus to make relevant decisions, for example, investment decisions. Infrequent earning is very easy to be used as the tool to manipulate performance, because of its irregular and non-routine, thus, the quality of infrequent earning attends increasingly public attention. China Securities Regulatory Commission has begun to regulate the quality of infrequent earning since 1999, and has made many modifications then. This reflects the determination of administrations to regulate the quality of infrequent earning. Now that, the infrequent earning quality of listed companies is very important, and the most important focus of the listed companies is still its performance level, so if there is the relevance between the two or not? How is the degree of the relevance? With these questions, this article uses the relevance between the infrequent earning quality and the performance level of listed companies as theoretical core, and achieves the conclusion through the combination of theory research and empirical analysis, makes the conclusion that improving the quality of infrequent earning information disclosure, the quality of overall listed company information disclosure, and the quality of financial report is beneficial to improve the performance level of listed companies.First of all, this article analyzes the theoretical document on information disclosure about infrequent earning and listed companies'performance; Secondly, summarizes the relevant standards and specifications; Thirdly, pursues the causes that listed companies use the infrequent earnings to manipulate their performances; Then, chooses 362 listed companies that lists in SZ stock exchange during 2007-2009 as specimen, descriptively analyses their quality of infrequent earning disclosure, overall information disclosure and quality of financial report, and tests explanatory ability and degree of above explanatory variable on listed companies'performance, confirms the null hypothesis; Lastly, puts forward suggestions according above theories and empirical analysis, such as improve infrequent earning evaluation system etc.