The Research Of Economic Consequences Of Public Companies’ Accounting Information Transparency

Regulating information disclosure of listed company, and improving the quality of information disclosure of securities market,and protecting the rights and interests of the investors,all they are necessary conditions of stable development of the capital market.but also the basic requirements of the securities supervision, but also the precondition of the healthy development of the economic,so the accounting information transparency caused a lot of concern on the academic circles.The improving of economic consequences of public company accounting information transparency has a great significance, for the securities market, for investors, for the company itself.My study starts from the research background of the economic consequences of the public company accounting information transparency, the paper expounds the purpose of the research,the ideas,contents and the frame and method,and discusses theoretical basis of economic consequences of public company accounting information transparency.They are efficient market theory,signalling theory,agency theory.Then the paper expounds research status at home and aboard and the present study are classified,then selects the three typical aspects as the research object,it is respectively the behavior of institutional investors,value relevance of accounting surplus information,cost of equity capital,institutional investors takes the influence of the accounting information transparency of the investment behavior as the angle,value relevance of the accountancy surplus information takes the influence on the market securities as the angle,cost of equity capital takes company their own financing an the angle.To measure of accounting information transparency has been a difficult problem,both at home and abroad,there are many measurement methods,owning its advantages and disadvantages.My study uses disclosure score declared by Shenzhen Stock Exchange as transparency measureme-nt,because the measurement method is applicable in our country,and also is comprehensive、authority and objective.Appropriateness inspection is carried out by the identification of earnings management and variables of audit opinion types.and it checks the rationality of the measurement by disclosure score.After that,the research is economic consequences of public company accounting information transparency by empirical method.It mainly is investment behavior of institutional investors,value relevance of accounting surplus information,cost of equity capital by Descriptive statistics analysis,the correlation analysis,multiple regression analysis and stability inspection.We find that it is the positive correlation between the information transparency and investor’s behavior.that means if information transparency was higher,the listed company might attract more institutional investor’s attention and institutional investors would improve their shareholding,hold more stock;the information transparency and value relevance of accounting surplus information are positive correlation by price model,it shows that the higher information transparency.the higher value relevance of EPS,but not higher value relevance of net asset per share;The information transparency and cost of equity capital with OJ model calculation is a significant and negative correlation;namely the higher information transparency.the lower cost of equity capital;At the same time.a rough verify of the research about the influence of the information transparency to investors’ behavior,value relevance of accounting surplus information.cost of equality capital shows all the regression models are stable and the conclusions become more believable.