Financial Information Of Listed Companies In China To Disclose The Impact Of Investors' Decision-making

Nowadays, listed companies are generally called "companies for the public", whose source of capital and business information are closely related to the public interest. With the improvement of Chinese market economic system, the listed companies have been playing a very important role in driving China's sustained economic growth. Today,listed companies financial information disclosure of the situation are not only related to the interests of shareholders, but also in relation to the national stock market stability in the development of capital and securities market as well as dependent increasing information.At present,China has promulgated a series of laws, regulations and rules, which provide the information disclosure of listed companies in the principle and content of system. However,China's financial disclosure of information of listed companies still has many not standard phenomenon as a result of a variety of reasons. Not only does it affect our country stock market and the healthy development of listed companies, but it also makes the vast number of investors suffered a lot of unnecessary losses and risks. While, in the western developed countries, capital market has become more and more mature after hundreds of years of development. Most countries pay much attention to the supervision of listed companies in order to protect the interests of investors, and they have developed a relatively perfect legal system, and the reform is still going on. For example, specified implementation of accounting standards set by the SEC of America after the economic crisis in the 1930s, and "The Sarbanes-Oxley Act"after the United States Enron event in 2002.Most researchers at home or abroad think that there are many problems in China's financial disclosure of information of listed companies. The problems are as follows. First, disclosure of financial information is not true and of low reliability. Second, it is not sufficient in disclosure of financial information and transparency is not high and randomness. Third, medium and small investors access to financial information are different from large shareholders because disclosure of financial information is not fair. Finally, it is not standard and of poor effectiveness in the disclosure of financial information.As a result of financial information of listed companies to disclose the existence of many problems which cause investors investment risk increasing, so that most researchers in view of our country financial information of listed companies to disclose the problems hold the idea that the government should perfect the financial information of listed companies;disclose the relevant legal system of financial information disclosure in securities markets; increase the strength of supervision, formulate scientific supporting accounting standard system contributes to the regulation of information disclosure of listed companies, in order to protect the interests of investors.In order to reduce the financial information of listed companies disclosure to investors decision-making influence, the article apply the qualitative analysis and quantitative analysis, theoretical analysis and empirical analysis of the method of combining research, The main contents follow like these aspects:(1)The analysis of the problems of China's listed companies financial information disclosure problems:to start,it expounds domestic and foreign financial information disclosure, and then it introduces the listed companies in China at this stage of development, elaborates the responsibility of the listed companies in the financial information disclosure of information responsibility, at last it sums up the current China's Listed Companies in the financial information disclosure in the main problems.(2)The analysis of financial information of listed companies to disclose the problems: in this part it mainly analyzes the present domestic and foreign financial information of listed companies to find out the mainly causes of China's financial information of listed companies in disclosure.(3)The financial information disclosed by listed companies and investors decision-making research:the portion of the content takes the Enron incident as an example to mainly analysis of listed companies of our country at present the main features of financial information, and then analyze the financial information disclosure on corporate investors impact.(4)The particular measures to solve the problems of financial information of listed companies:this part mainly puts forward countermeasures to improve the quality of financial information disclosure of listed companies, and to reduce the investor decision-making risk on the basis of the existing problems of the present disclosure of financial information of listed companies.(5)The last part of conclusion and forecast:in this part, it firstly summarizes the research work of important significance, and then elaborates the shortcomings of the essay and what need to be improved.