Research On The Relation Between Corporate Governance And Transparency Of Accounting Information Of China's Listed Company

Since the global financial crisis happened in 2008,all countries take increasing the transparency of accounting information as an important measure to improve the financial market environment.The importance to capital market of transparency of accounting information makes it as common focus of both the academic and practical. In the process of perfecting China's securities market,the issue of disclosure of accounting information and corporate governance issues attract the whole society's attention.Low level of transparency of accounting information of listed companies is an important manifestation of disclosure of accounting information problem. Generally speaking,transparency of accounting information of China's listed companies is not very high,which has seriously hindered the healthy development of China's securities market.From the perspective of corporate governance,this paper focuses on the generating mechanism of transparency of accounting information and its influencing factors.Based on supply and demand theory,this paper discusses the reasons of low level of the transparency of accounting information of China's listed companies.This paper also discusses the external governance structure on the impact of the transparency of accounting information based on game theory.Studies indicated that under our existing laws and disclosure system,the cost of the external governance structure monitoring listed companies was rather high,and it couldn't improve the transparency of accounting information effectively.This paper took listed companies in Shenzhen stock exchange from 2003 to 2007 as the research example,using Single-factor T-test,Binary Logistic Regression Analysis and Multinomial Logistic Regression Analysis to verify the impact of interior governance structure of listed companies on the transparency of accounting information.Research showed that the proportion of State-owned shares of listed companies and the proportion of outstanding shares had non-significant impact on the transparency of accounting information and the equity restriction had a significant positive correlation with the transparency of accounting information.In the aspect of the board of directors,the board size and the transparency of accounting information was a significant positive correlation,but not very significant;chairman and general manager of both unity and the transparency of accounting information was a negative correlation.However,the audit opinions and company size had significant positive correlation with the transparency of accounting information;the financial leverage had significant negative correlation with transparency of accounting information,indicating a limited role in corporate governance of listed companies,which did not effectively improve the transparency of accounting information.According to experimental results,this paper brings forward some measures to perfect the corporate governance of listed companies,such as to further improve the ownership structure,to perfect the general management style,to expand the size of institutional investors,etc.