The Study On The Lawful Culture Connotation Of The Chinese Traditionnal Judicial System

There exists close relationship between management structure of the company and quality of information disclosure. The optimizing degree of the company's management structure restricts the quality of information disclosure, and the later one helps to improve the high clarity of the management information of the company, eliminate the information dissymmetry between the interior and the exterior, and promote the improvement of the company's management structure.Based on basic theories of the company's management structure, this paper conducts theoretical analysis between management structures of the company and quality of information disclosure from several aspects such as structures of stockholder's right and characteristics of director board. The study takes all the A-shares listed on Shenzhen stock exchange as instances. After eliminating a small number of companies which have incomplete management structure and information disclosure, according to the data provided by the appraisal results of information disclosure about listed companies issued on Shenzhen stock exchange in 2006, the paper selects 459 listed companies as sample, establishes multi-logistic model, conducts theoretical hypothesis and empirical inspection on relationship between structure of stockholder's right and quality of information disclosure, and elicits findings as in the following: The total assets and total assets yields of listed companies in our country have notable explanation ability to the quality of information disclosure, which shows that large-scaled and well-achieved listed companies are inclined to disclose more information, transfer efficient information and expose the value of listed companies. However, through the empirical inspection to listed companies in our country, we find that the explanation effect of listed companies' management index (negative correlation between number of director board conference and quality of information disclosure is excluded) to the quality of the company's information disclosure is not so obvious. This demonstrates that management effect of listed companies' information disclosure is not obvious on present Chinese stock exchange market, which has great relationship to the distemperedness of our country's management structure of the company.Besides, we also find that there are still lots of faultiness in our country's management structure of the company from the empirical study. Country-shares, juridical person-shares and floating stocks don't play an obvious role to the quality of information disclosure. Positive effect of the inspiring measures such as management ranks holding stocks also doesn't play a good role in information disclosure. As the representatives of many middle-sized and small-sized stockholders, independent directors don't play any role they should have done in the promotion of unconstraint information disclosure of listed companies. In the end, this paper aims at management limitation existed in present listed companies, and puts forward some measures and suggestions such as optimizing the structure of stockholder's right, improving the function of director board, increasing the independence of director board, establishing strengthening capital market and handlers market.