Listed Companies. Stakeholder-oriented Non-financial Information Disclosure

The influence of stakeholder theory is increasing.In the decision-making,managers are increasingly concerned about the demands of other stakeholders.At the same time,the information needs of stakeholders has expanded.Non-financial information disclosure is the supplement or extension of compulsory disclosures,which do help to improve disclosure quality and reveal the future value of listed companies.The thesis researches the non-financial information disclosure with the theory of stakeholder.The thesis thinks the introduction of the theory of stakeholder can ascertain the object and the scope of non-financial information disclosure.It also can provide a framework of non-financial information disclosure.What's more,the disclosure of non-financial information is more valuable to the stakeholders.First of all,the thesis analyses the relevant theory of non-financial information.Asymmetric information theory and principal-agent theory explain that the non-financial information disclosure should be mandatory disclosure and voluntary disclosure.Stakeholder theory points out the direction for the non-financial disclosure. Then the thesis proposes the concept of non-financial information and summarizes the characteristics of non-financial information.The second,the thesis analyses the reason why the stakeholders need the non-financial information.Then it summarizes what kinds of non-financial information the stakeholders need.These study is in the angle of information demand.And then,the thesis analyses our country's current corporate non-financial information disclosure situation and issue in the annual report of the listed company.These study is in the angle of information supply.Finally,the thesis structures the theoretical framework of non-financial information disclosure based on the stakeholder theory.