Empirical Study On The Determinates Of The Information Disclosure Quality By Chinese Listed Companies: Evidence From Shenzhen Security Market

The Company Information Disclosure is one of the most controversial issues on the new thrends of financial research in modern company. The information disclosed by the listed company is connecting the listed companies and the seeurities marke.So the level of information disclosure directly effects on the deeision of the investors.The information disclosure is one of important part in corporate governance field. Western scholar had started their information disclosure research from the different point of view in theory research and Practical exploration. It presents some information disclosure theory, including Principal-agent Theory, Asymmetric Information& Signalling Theory and Stakeholder Theory. However, our capital Market is still developing at the beginning of the stage. Western scholars' research is not be applicable for our listed companies in information disclosure.The firms'public trade in China is around the special institutional environment, such as defective corporate governance mechanism, nique ownership structure, imperfect legal protection to investors, etc. Does corporate governance fact information disclosure quality? What factors fact information disclosure quality? Can western information disclosure theory be used to explain ways of Chinese listed companies? All the above problems are open for theoretical analysis and empirical test.Based on reviewing relevant literatures and Chinese special institutional environment, the paper summarizes some interrelated theories.First, the factors of firm characteristics are be empirical studied. The empirical determinants of information disclosure base on evaluation report's results of information disclosure of Shen-Zhen Stock Exchange the 2001-2008,and use multiple-regression, analyzing the factors of information disclosure. The results of the paper reveal that firm size and firm porfitability are significantly and positively related to information disclosures,and firm leverage is significantly and negatively related to information disclosures, while growth opportunities are insignificant.Second, based on evaluation report's results of information disclosure of Shen-Zhen Stock Exchange the 2001-2005 and chosen firm characteristics as control variables,this paper research information disclosures in ownership structure,board feature, external governance environment and auditor quality.Meanwhile,we regress logistic model and analyze the factors for corporate governance afecting information disclosures. The results of the paper reveal that the stock ratio of the largest shareholders, the proportion of independent dircetors to total number of directors on the board,board size, auditor quality are significantly and positively related to information disclosures; the stock ratio of contorlling shaerholder identity,the chairman of the board also work as the genernal manager, established auditor board are insignificant.The more developed the market, leagel institutions and intermediary organizations,the less frequent the government intervention, the more level of information disclosure.At last, according to the empirical evidences and basing Chinese special institutional environment, in order to imporve the corporate government of listed Chinese companies and increase information disclosure quality, this paper finally suggestion.