Study On The Influence Of Accounting Information Disclosure From Corporate Governance Structure Of China's Private Listed Companies

Corporate governance structure determines the quality of accounting information disclosure.Corporate governance structure is a series of institutional arrangements made by the owner of the company.The accounting information system as one of the systems of function in company is bound to exposure to such a institutional arrangements, and form the relationship as system and the environment with the corporate governance structure.The corporate governance structure is just through this institutional arrangements and the balance of powers to regulate the disclosure of accounting information of listed companies.Good corporate governance structure can provide a robust mechanism for the disclosure of accounting information and improve the quality of accounting information disclosure.But imperfect corporate governance structure often results in accounting information distortion.With the development of our Securities Market in recent years, the number of private listed companies increases very rapidly.Private listed companies have become the important parties in the capital market and have a significant impact on Securities Market in China. However, there are many flaws and shortcomings of governance structure in the private listed companies, such as the poor independence of the board of directors because it is controled by the large shareholders, the board of supervisors is practically no function, the management is comletely under the control of large shareholders.These will inevitably affect the quality of accounting information disclosure.Moreover, through the observation of credibility archives of listed companies on the Shenzhen Stock Exchange and the punishment made by Shanghai Stock Exchange and the distribution of the companies with non-standard audit report, we can find that the quality of accounting information disclosure of China's private listed companies is indeed low, which will greatly hinder the healthy development of China's Securities Market.Thus, it is urgent for the private listed companies to improve the quality of accounting information disclosure at the front.Because the quality of accounting information disclosure is determined by the governance structure of a company, so improving the governance structure of private listed companies has become a top priority. Therefore, it is very necessary to study the effect of the governance structure on the quality of accounting information disclosure of private listed companies.This paper aims to study and explore the impact of the character of China's private listed companies'governance structure on their quality of accounting information disclosure,in order to propose suggestions to improve the corporate governance structure of private listed companies which consequently promoting their quality of accounting information disclosure.At first, this paper analyzes the research situation both at home and abroad, analyzes and defines the corporate governance structure, the quality of accounting information disclosure and other related concepts, and expounds related theories,points out that the corporate governance structure play a decisive role in the quality of accounting information disclosure;then elaborates the basic situation on China's private listed companies,and summarizes the current corporate governance structure and the status of accounting information disclosure. All these make up of the papers'theoretical basis and practical basis.Then this paper takes all the A-Stock private listed companies in the petrochemical and plastics industry in Shanghai and Shenzhen Stock Exchange during the period of year 2008—2010 as the research objects,summarizes the character of private listed companies'governance structure on the aspect of ownership structure, characteristics of the board of directors, characteristics of the board of supervisors and characteristics of manager according to the statistic analysis and contrast analysis,and proposes the relevant hypotheses according to the theoretically analysis and logistic consequence, and then uses the regression method to test and validate all the hypotheses,so that we can analyse the impact of each character of private listed companies'governance structure on the quality of accounting information disclosure.At last, according to the study results, the paper brings up some suggestions on how to improve the private listed companies'corporate governance structure,thereby promoting the quality of accounting information disclosure.