Can Changes In The Quality Of Information Disclosure Influence The Value Relevance?

Listed company's accounting information are a bridge between listed companies and investors, they are also an important link between the market and listed companies. The quality of accounting information disclosure not only impact on the right economic decision-making, but also the efficiency of the market.Based on"the helpfulness of making policy", high quality accounting information can improve its value relevance. Under the existing accounting standard and supervising system in our country, does the quality of accounting information disclosure improve? Can the improving of accounting information quality increase its value relevance? How can we further standardize accounting information disclosure system to enhance its quality? This paper attempts to answer the questions above.The basic structure of this article is:Chapter 1:Preface. This section mainly introduces the research background and research design; Summarization of information disclosure and value relevance of accounting information.Chapter 2:This section separately analyzes the theory foundation of accounting information disclosure and the value relevance, and analyzes the relationship between them from decision-making serviceability angle.Chapter3:Status and improvement of Chinese information disclosure quality. This section researches the status of Chinese information disclosure quality, and discusses the reasons why information disclosure quality is not good in Chinese stock market.Chapter 4:This paper adopt the earnings model and the adjusted price model to study the relation between the quality accounting information disclosure and value relevance rankly, basing on the Shenzhen Stock Exchange critique result which issued from year 2005 to 2008 as the substitution variable of accounting information disclosure. The results are as followed:The quality of accounting information disclosure has enhanced, but its overall level is not certainly high. The improving of accounting information disclosure quality can increase the value relevance.Chapter 5:This section brings forward some suggestions to improve the information disclosure quality in Chinese stock market.