A Study Of The Quality Of The Listed Companies' Information Disclosure

Being the embodiment of Three Principles, information disclosure is the most effective means for regulating the acts of traded companies, protecting the benefits of the middle and small investors, increasing the efficiency of stock market allocation. The true, accurate, timely and complete information disclosure is not only the legal obligation of the traded companies, but also the important evidence for the government's supervising and managing the security market, and even the important information source for the investors' making investment decisions as well.In the almost 20 years' development of the China capital markets, the better system of information disclosure has been formed. At the same time, based on the joint effort of the traded companies, the government, investors and the intermediary agencies, the quality of the traded companies' information disclosure has constantly been improved, which provides good protection for the investors' rational investment and the healthy development of the market.However, we have seen that there are still some listed companies in China capital markets which are against rules in the information disclosure,and this wrongdoing is hard to prohibit, which is severely violating honesty rules and even ignoring laws. Thus, this paper focuses the heated topic---the quality of the information disclosure of the traded companies. After grasping the theoretical knowledge concerning information disclosure, the writer here generalizes the new features of the problems existing in the information disclosure of the traded companies in the Post Split-Share Structure Era and deeply analyses the causes of the problems. Meanwhile, after collecting the latest statistics, the writer analyses which elements among the corporate governance which can obviously influence the quality of the information disclosure of the traded companies by using empirical models. At last, the writer suggests some measures, hoping that the quality of the information disclosure of the traded companies will be better and better under the effort of the traded companies and the government's effective supervision and management, and also under the common supervision of the investors and the help of intermediary institutions.In this paper, the writer uses such research methods as normative analysis, empirical analysis, quantitative analysis and quality analysis.In the empirical models the paper uses the evaluation mechanism for the information disclosure of Shenzhen Stock Exchange, giving the quality of the information disclosure a multivariate logistic regression model,analyzing several elements affecting the quality of the information disclosure.As a result, the ownership concentration, the performance of the traded companies and their scales are significantly and positively related to the quality of the information disclosure.