Research On The Relationshipe Between Disclosure Quality And The Corprorate Value Of Listed Companies

With the development of China's securities market, as an important part of the capital market system, the information disclosure system is increasingly important for the standardization of the development of China's securities market. However, because of lacking of regulatory experience and inadequate information disclosure system, there are plagued by problems like non-standard information disclosure, earnings manipulation, distortion and other issues of information disclosure in China's securities market. So, how to effectively guide behavior of listed companies'information disclosure, enhance effectiveness of the securities markets, improve quality of information disclosure of corporate governance, which is significant to be solved for sustainable development of China's capital market.Based on the relevant theory of information economics, the Main Board of the Shenzhen A-share listed securities companies during 2006-2008 were selected to study the relationship between the quality of information disclosure and the corporate value. Based on the analysis of company value, stock price and Tobin's Q were used to reveal the influence of information disclosure quality to corporate value. Firstly, event study method was used to discuss whether information examination results has market response of Shenzhen listed companies, to determine whether the quality of information disclosure affect stock price. Secondly, the regression was used to construct model in the perspective of year and overall for which research the influence of the information disclosure quality to intrinsic value of company, and reveal the influence of the information disclosure quality to Tobin's Q.Finally, based on research conclusions, some recommendations were proposed to guide behavior of information disclosure for improving the quality of information disclosure of listed companies. In addition, in order to control the endogenous influence between information disclosure quality and corporate value, the previous variable was selected as the current variable of information disclosure quality for revealing influence and approach of information disclosure quality to company value.The research results show that the Shenzhen stock market has market response. Quality of information disclosure has influence to stock price. There is a significant positive correlation between information disclosure quality and Tobin's Q. With the improvement of information disclosure quality, corporate value has also been enhanced..