China Listed Companies' Financial Quality Of Information Disclosure Problem

As security market is an important part of China capital market, the health of the security market will impact our Country's economic development in the general situation. However, in recent years, the quality question about the financial information disclosure has become the major obstacle to the healthy development of the security market; especially the Xiang Torch event has exposed the present security market's serious problem. The financial information disclosure qualities problems of the listed companies not only harm the interests of investors and listed companies own interests, but also against the principle of capital market "fairness, justice and openness", the serious influence the market resources optimization, which bring fatal blow to the security market information. Therefore, to study the reasons which lead to the listed companies'financial information disclosure problems and how to deal with that has become the main research issue for the currently listed company executive director and shareholders.This paper selects Xiang Torch event as the study subject and the positive analysis as the study method. And the paper is discussed by the following four aspects.1,Introduction.This section introduces the background of this topic, the research significance, research status at home and abroad, research framework, research methods.2,The case study about the exposing of China listed companies financial information disclosure.In this section, first of all, the paper analyzes the development history and the modern system of financial information disclosure of the current listed companies, then analyze the current situation and problems about China listed companies'financial information disclosure quality; Secondly, based on the two former researches, the paper studies the mechanism that the internal and external environment how to impact the listed companies'financial information disclosure from the point of view of corporate governance.3,The case context introduction of Xiang Torch. This section includes the following aspects: the basic information of the Xiang Torch Company; the exposing of Xiang Torch Company manipulating financial information disclosure; how China securities sector to deal with the company; the problems which were exposed in the process of Xiang Torch disclosing financial information; the harmful effects of the Xiang Torch's false financial information. ;Finally, based on the former analysis results, the paper probes into the intrinsic motivation that make Xiang Torch company manipulate financial information disclosure .At last the paper sums up the analysis about the case of Xiang Torch。4,ConclusionIn this section, And then based on the first three chapters, it put forward the regulatory recommendations about how to strength the listed companies to disclose the financial information.From the study about the case of Xiang Torch, this paper find that the environment of China's listed companies disclosing financial information has become increasingly sophisticated, the false financial information has become increasingly secretive, as a result, if people intend to solve the problem that the financial information disclosure quality from an certain way, they will attain very little effects.For the mentioned above, this paper starts from the empirical case, then studies how the internal and external environment impacts listed companies'financial information disclosure from the point of view of corporate governance, and then probes into depth to search the effective way which can improving the financial information's quality.