An Empirical Study On Disclosure Quality And Corporate Performance

For a long time,as an effective way,the information disclosure of listed companies can eliminate information asymmetry,overcome information barriers and play an important role to guarantee the validity of the securities market and protect investors.However,Information disclosure of listed companies in China,whether laws and regulations,or market participants all have some insufficiencies.The research of information disclosure quality and performance of listed companies is relatively mature and the point of view is comprehensive,but differences in conclusions of the study has plagued academia.In addition to research models,variable measurement and data inconsistencies,the paper argues that the dynamic performance of information disclosure to the company is the main cause of this dilemma.Therefore, it's necessary that dynamic view should be included in the study of framework.In this paper,empirical research aimed at solving two problems:First,with the gradual improvement of information disclosure mechanisms,whether the listed companies in China can improve the performance through the signal transduction mechanisms?Second,whether the quality of information disclosure of listed companies to performance exists the same impact between the state-owned enterprises and non state-owned enterprises?For these two problems,the paper sorts out the literature about quality of information disclosure to the performance of the listed company,then proposes hypotheses and tests in empirical research.Through the model set and data collection,the paper finally selects 313 listed companies'financial and governance structure data of fiscal year 2005-2009 of Shanghai and Shenzhen A shares as sample,then adopts multiple regression analysis to test the hypotheses.The main conclusions are as follows:(1)Other conditions in the Chinese capital market are under the same circumstances,the level of the quality of non-accounting information disclosure to performance is stronger than accounting information disclosure in the spot,and has a significant positive correlation.(2)Other conditions in the Chinese capital market are under the same circumstances,the level of the quality of accounting information disclosure to performance is stronger than non-accounting information disclosure in the long run,and has a significant positive correlation.(3)Other conditions in the Chinese capital market are under the same circumstances,the quality of information disclosure of private-owned listed companies to performance has a more significant positive correlation than the state-owned listed company in the long run.According to the findings, the paper proposes some policy recommendations:(1) Enhanced the legibility of the financial reports related to information disclosure,so that to facilitate the investors to understand the key financial indicators and make investment decisions. (2)The regulator of the capital market of China should not only give impetus to the strengthening and improvement of laws and regulations,but also act as an impartial "law enforcement".(3)Investors rationally make use of information disclosure of listed companies,concern about the company's governance structure and development in the long run.Meanwhile,they should act as the real shareholders who should play as a "master", not just act as a "porter",in order to interact with the listed companies effectively.