The Empirical Study On Factors Influencing The Quality Of Listed Companies' Information Disclosure

Now the society is full of different kinds of information, the information disclosed by the listed company is connecting the listed companies and the securities market. So the quality of information disclosure directly effects on the decision of the investors and whether the securities market can effectively operate or not. How the quality of listed companies' information disclosure in our country now? What factors affected the quality of listed companies' information disclosure? How can the supervising and managing department authority do to enhance the quality of listed companies' information disclosure? This article discusses all these questions above by using the theory and the real diagnosis method and taking annual report data from companies of A share market as the sample.Before do the studies on factors that influence on the quality of listed companies' information disclosure, this article firstly makes whole description and analyses the quality of listed companies' information disclosure in our country, including the whole disclosed the quality, the authenticity of information disclosure, the timely of information disclosure, the adequacy of the information disclosed as well as voluntary disclosure several aspects, and obtain overall quality of listed companies' accounting information is not high in our country, thedistortion of accounting information is severe, companies' information disclosure------especiallyon the Provisional important matters not timely disclosure which is the more common phenomenon, information disclosure is not full and complete, the level of voluntary disclosure is low. Secondly, this article by taking entrusts the agent theory, the information not asymmetrical theory, the signal theory and so on as the theory strut, using the reference from the domestic and foreign correlations literatures, the research technique and the conclusions, and unifying our country unique research background and the present situation to analyses in theory the affective factors which influenced the quality of information disclosure. Thirdly, this article proposed research supposition, studies how does each factors separately from nine aspects, which are the Profitability of the company, whether receives CSRC to process, the financial condition, the company scale, the audit opinion, the regional disparity, the type of ultimately control person, the stockholder's rights structure and the proportion of independent directors, influence on the quality of listed companies' information disclosure. This article through taking the logical return as the main research technique real diagnosis analysis process carries on the confirmation to the research supposition, finally indicated: the profitability of company, the audit opinion and the company scale to the company have the remarkable influence on the quality of listed companies' information disclosure. It is much possible to choose disclosing better quality information when the profitability of company gets better. When the company's annual financial report does not have the quality problem, it has highly quality of information disclosure, if the company which has bigger scale, the probability of disclosing the quality of information disclosure is high. The type of ultimately control person, the stockholder's rights structure, whether receives CSRC to process and the regional disparity have the instability influence on the quality of listed companies' information disclosure. The rate of assets and liabilities and the proportion of independent directors had not discovered has the remarkable influence. Finally, by using several chapters of findings and unifying our country the market environment, the paper advances the related countermeasure and the suggestion to propose improved the quality of our country listed companies' information disclosure from the information disclosure system with new accounting standards as the core, improvement of supervision CPA system, improvement of the securities regulatory system and improvement of their corporate governance structure.