Study On Accounting Information Supply And Demand Of Negotiable Securities Investment Fund

Securities investment fund market is an important component in the bond market, whose development degree is a key sign of a country's bond market development. Bond market is also an information aggregation; which bases on the effective working of disclosure of high quality accountant information. Research indicates that securities investment fund market has already moved forward to the weak efficient market, and is in the transition to semi-efficient market. So it is imperative to promote the efficiency of our market and to standardize the disclosure of accounting information of securities investment fund.The thesis combines empirical studies and norm studies to study the disclosure of accounting information of securities investment fund from demand and supply aspects and to find methods to accelerate the equilibrium between demand and supply of accounting information disclosure. Based on the information asymmetry theory, cost- profit theory, signal delivery theory and the principle of making decision and communicating, we study the demand and supply of accounting information in our securities market. From the angle of demand, the thesis analyzes domestic demanders and their characteristics, and builds the quality feature system of accounting information disclosure based on the authenticity as accounting information disclosure's premise. From the angle of supply, the thesis studies the actuality of accounting information disclosure's supply by statistical analysis to study the supply of the disclosure of accounting information of securities investment fund. We collect data from annual report and fund management company, contrast and analyze four features including authenticity, integrality, sufficiency and relativity .From which we find :First, illusive statement exists in quantitative and qualitative accounting information in annual report. Second, in annals, quantitative information's disclosure is quite complete, while the qualitative information's disclosure avoids the importance and dwells on the trivial. Third, the fund information disclosure lag phenomenon is serious. During the disclosed period, fund management company did many, the relevance is insufficient. Finally, based on the above conclusions, the paper further discusses how to promote disclosure of from supply and demand separately to promote the disclosure of accounting information of securities investment fund. To be concrete, in the demand aspect, the main point is to enhance the specialized quality of the weaker information community, and to establish protection organization fund information needing community rights, and to display the government's rigid functions. In the supply aspect, the main point is to perfect the law and regulation system, to enhance transparency which the fund accounting information disclosed; to perfect internal accounting control system of fund management company; to improve the fund legal person governance structure and to strengthen the supervising and managing. And in other aspects, we should develop objective, highly effective fund appraisal system and developed fund manager market; strengthen the supervising and managing function of the stock markets and strengthen the independent status and restraint mechanism of the entrusted persons.