Corporate Governance, External Audit And Quality Of Information Disclosure

High-quality information disclosure can reduce the information asymmetry between the users and suppliers in the stock market, and also can improve the efficiency of social resources and the stock market. Therefore, research on the effect of corporate governance and independent auditing to information disclosure can find the way to improve the quality of information disclosure. In this case, the information asymmetry would reduce distinctively. And our stock market can run more efficiently, alternately increase the effectiveness of the society.I studied the prior research results at home and abroad. I find that foreign scholars'research on the quality of information disclosure may start forty years earlier than history recorded. Early research focused more on the basic theory, which laid a good theoretical foundation for empirical research. In recent years, the researches are mostly empirical studies, which are about economic consequences, disclosure quality, the impact on the capital structure and earning management.In China, researches on the quality of information disclosure don't have a very long history. Previous scholars laid more attention on voluntary disclosure, since Shenzhen Stock Exchange release the evaluation reports of quality of information, scholars began to study the quality of information disclosure. Furthermore, their research area is on the factors of quality information disclosure, the economic effectiveness of high-quality information disclosure, disclosure quality and earning management etc.This paper firstly presents the definition of corporate governance, external auditing and the quality of information, and then analyses the relationship between them. On the basis of theoretical analysis, I develop several related hypothesis and design the empirical research. Specifically, I use the evaluation reports of each company's disclosure quality from SHENZHEN STOCK EXCHANGE to describe the quality of information disclosure. The result shows that concentricity of the stock and audit opinion is positively relative to the quality of information disclosure. In the end, I offer some proposals on how to improve the corporate governance and external supervision system.This article is divided into the following five chapters:Chapter I, I introduce the research background, framework and basic ideas.Chapter II, I list relevant literatures at home and abroad. On the base of relevant literatures, I find that prior research on the factors of information disclosure mostly focused on corporate features, such as corporate governance structure, capital structure etc. Most of these papers are from the outside agency views; few of them combined the corporate governance structure and the outside agency to study the factors that effect information disclosure. So this paper combined the Internal and external factors to study the determinant of quality information disclosure.Chapter III is about theory analysis and system background. This chapter consists of three parts:first, the definition of corporate governance, external auditing and the quality of information. Second, introduce my evaluation standard on the quality of information disclosure system. Third, on the basis of theoretical analysis, I develop the hypothesis for empirical research.In chapter IV and V, I use the evaluation reports from SHENZHEN STOCK EXCHANGE as the measure of quality of information disclosure. And then list company data to do the research. The empirical result shows that the quality of information disclosure are positively related to the stock ratio of TOP 10 shareholders, board size,the percentage of independent directors of the board and audit quality; negatively related to the chairman of the board also work as CEO; irrelevant to auditing fee.Chapter VI, based on the empirical result, I put forward some proposals, such as developing institutional investors, strengthening the regulations of capital market and consummating the outside supervision mechanism.