The Research On Quality And Supervision Of Attribution Information Disclosure In Listed Companies

The information quality of listed companies determines the efficiency of theresource’s allocation in the capital market. Narrative information is more flexible thandigital information. It’s an opportunity for company managers to manipulate information.In the securities market, it’s a worthy question to discuss that managers manipulate thenarrative information and how to curb this behavior. In this thesis, starting point is theoperating performance attribution information. This thesis discusses that whether theexistence of self-serving attribution behavior is in the non-financial informationdisclosure process, then we can evaluate the quality of attribution information andpropose regulatory proposals.In this thesis, drawing on the basis of previous studies, we define the characteristicof attribution information and put forward to investigate the quality of the attributioninformation disclosure from the perspective of selfishness attribution behavior. Thisarticle uses content analysis method, and reads companies’ disclose information verbatim.Then We encode attribution information that it is internal positive factors, internalnegative factors, external positive factors and negative external factors. Futhermore, thisthesis uses descriptive statistics and T-test statistical method to inspect the quality of theattribution information disclosure. The sample of this thesis selected80MD&A from thedifferent performance of manufacturing listed companies in2011,323disclosureperformance forecast of listed companies in2011and90disclosure letter to shareholdersduring2009to2011. It’s a conclusion that no matter MD&A, performance forecast or theletter to shareholders have self-serving attribution behavior when they interpret theresults of operations. It’s also said that good performance is due to the internal operationsof the management, the poor performance is attributed to changes in the uncontrollableexternal macroeconomic environment factors. Based on the above studies, we found thatthis thesis regards government supervision, CPA audit and company internal audit asentry points combining with the current situation of information disclosure regulation. Then this thesis proposes some policy suggestions, such as establish industry index ofChinese special characteristics and implement ex-post controls which has practicalsignificance for improving information disclosure quality of our listed companies.