Research On The Information Disclosure Of Small And Medium Enterprise Board On The Impact Of Corporate Performance

With the small and medium enterprises of our country listed in the ShenzhenStock Exchange in2004, the problem of information disclosure of minor enterpriseshas caused extensive concern. Meanwhile, with the recent development of Chineseeconomic structure transition, the development of small and medium enterprises hasbecome a community hot spot. This article combine the problem of informationdisclosure and the development of small and medium enterprises, so as to explorewhether the information disclosure of small and medium enterprises would influencethe corporate performance and benefit the development of the enterprises and find outsome practical basis for improvement of corporate performance and development ofsmall and medium enterprise.Firstly, this paper briefly describes the overall situation of listed small andmedium enterprises and current situation of information disclosure of listed small andmedium enterprises and corporate performance to get a overall comprehension ofsmall and medium enterprises. Secondly, this paper analyses information disclosure ofsmall and medium enterprises on the impact of corporate performance through thestudy of related theory about information disclosure and corporate performance andthen put forward the hypothesis and verify through empirical study at last.In empirical study, this thesis takes the annual financial report and disclosedrelevant information of small and medium enterprises listed in the Shenzhen StockExchange from2009to2010as example, explores the quality and responsiveness ofinformation disclosure of small and medium enterprise on the impact of corporateperformance through the establishment of the multiple regression model.The empirical study sees the correlation exists in the quality of informationdisclosure of small and medium enterprises and corporate performance. The quality ofinformation disclosure of small and medium enterprises has a positive relation withcorporate performance. And also the responsiveness of information disclosure hascertain positive relation with the corporate performance, but the correlation degree is Inferior to the former. As for the existance of the correlation, listed small andmedium enterprises can improve the corporate performance by developing the qualityand responsiveness of accounting information disclosure and then promote thedevelopment of the enterprises. At the same time，It shows that that the Securitiesmarket of small and medium enterprises in our country existes information disclosurequality to the role of enterprise performance of the effective mechanism. So in orderto make the better development of small and medium-sized enterprises, in small andmedium-sized enterprise corporate governance in the plate should improveinformation disclosure system, the problems of information disclosure also continueto establish and perfect the relevant system.Our government should perfect for small and mall and medium enterprisesinformation disclosure of relevant legal system, building a set of complete for malland medium enterprises information disclosure rating system for mall and mediumenterprises information disclosure level for scientific and reasonable evaluation, andthe relevant supervisory department should perfect regulation system, can effectivelyrestrain not standard information disclosure, ensure the public information disclosureand fairness.