Corporate Governance, Accounting Information And The Institutional Guarantee Of Creditors' Interests

Investor's interest protection has long been the most important topic in theoretical fields. However, there are few studies on protection of creditors' interests from accounting, economics and legal. This paper makes a thorough study on protection of creditors' interests from accounting information, corporate governance and the Improvement on legal system.The creditors' interests are often infringed by the Insider with enterprise's ownership in common condition. But this problem can be mitigated by the financial contracts when the creditors can get the full and reliable information about financial position of the enterprise. In order that information asymmetry between the insider and the creditors could be mitigated, it's necessary that the accounting information disclosure system should be improved. Besides, the selection of orientation of Setting Accounting Standards and measurement attributes is very important. Permission creditors take party in corporate governance is an important approach to protect the creditors' interests because of the weak position of creditors and the attribute of creditors' rights. The creditors' participation in corporate governance not only reduce the information asymmetry and ensure the debt contract fulfilling, but also restrain the insider's behavior and improve the corporate governance.In order to reduce the information asymmetry and create condition for creditors participation in corporate governance, it's necessary to revise and perfect the legal system: embody the latest idea of protection of creditors' interests in related legal system; improved the disregarding system of corporate personality; strengthen the liability of director and shareholders to creditors.