Research On Information Disclosure Quality And The Value-relevance Of Accounting Earings

The success of Capital Market relies on the quality of Accounting and information disclosure system. Accounting and information disclosure system that based on criterion with high quality will strengthens the confidence in the credible of financial report for investor, and this confidence have significant influence on the reduction of capital market fluidity and the creation of fair and just market price as far as possible. From Ball&Brown(1986) who first use the empirical study method to research the usefulness of the accounting information to now, the western accounting researchers have conducted extensive research about this question, and the Value-relevance of accounting earnings has been supported. Western research based on their perfect capital market, but our capital market still in the Transitional-economy circumstance, accounting system and security market is undergoing significant change and development. With the rapid development of our security market, accounting information shows that more and more important in terms of micro or macro level. The need of the informaiton be more and more great. This conduce more request on the company's information and the security institution's supervise.Based on this, this thesis on the grounds of Shenzhen A-share listed companies, applies the multiple-price of the A-share as the dependent variable for the first time to study the Value-relevance of accounting earnings and the influence of information disclosure quality to the Value-relevance of accounting earnings. The first part of this thesis is exordium, which introduces the background, meaning, literature, framework and the innovation achievements; the second part is theoretical analysis, which reviews the basic theory about the value-relevance, narrates the framework form the mechanism of function and transduction; the third part is empirical study, which introduces the design of reaearch, gives result of the study, also makes robustness test and further analysis; the fourth part is the conclusion and the policy suggestion; the fifth part points out the limitation and the subsequent direction. In recent year, China stock market have suffered poignant fluctuation, the amount of investor increasingly grand, and their increasingly be nous,The main conclusion of this thesis as follows, 1.The Adj-R2 of the result of multiple-price dependent variable has greater improvement, and presents a downward trend between them. Accounting earnings have Value-relevance, it is a very important variable that determines the share price; the information of net asset per share and asset scale also have value-relevance.2.In the sample grounp with highest information disclosure quality, the Value-relevance of accounting earnings is the highest; In the sample grounp with lowest information disclosure quality, the Value-relevance of accounting earnings is aslo the lowest; in the middle group, the Value-relevance of accounting earnings shows abnormal trend.3. In the sample grounp with high information disclosure quality, accounting earnings's Value-relevance is higher than the net asset's; In the sample grounp with low information disclosure quality, accounting earnings's Value-relevance decreased significantly, but the net asset and asset scale's Value-relevance has a relative increase.4.Value-relevance of accounting earnings increases yearly, affected by the adjustment of policy, this increase trend shows fluctuation. From the implement of the new accounting standards to now, Value-relevance of accounting earnings gained a great improving in the global aspect.5. Accounting earnings's Value-relevance is higher than the cash flow's, security market pays more attention to the accounting earnings.Based on the above conclusion, this thesis gives some suggestions from the aspect of security institution's supervise, listed company's behavior and the investor.