The Measure Of Chinese GME Listed Companies’ Quality Of Information Disclosure

From October23rd09has been opened, Chinese GME has opened for3years,how the efficiency of China’s GME information disclosure work? In the efficientmarket hypothesis, the GEM market information disclosure the gem the informationdisclosure of listing corporation, is more efficient? Studying on these problems deeply,improving the voluntary consciousness, doing poineer work board the listingCorporation information disclosure strengthen gem market information transparency,liquidity, do poineering work board the market is of great significance to strengthenthe protection of small investors interests. And for China’s growth enterprise marketof listing Corporation information disclosure quality measure provides a new idea andbreakthrough point. Therefore, this paper intends to the quality of informationdisclosure of gem in China listing Corporation, so as to enhance the transparency ofthe necessity of the GEM market information of China’s practicability andsupervision to provide feasible basis, at the same time disclosure policy, strengthenthe gem information disclosure supervision, improve the growth enterprise market oflisting Corporation voluntary consciousness, incentive GEM Listing Corporation toprovide theoretical support to improve the transparency of information in order toimprove the growth enterprise market of listing Corporation information.The first chapter gives a general overview of the GEM market informationdisclosure system in China related to information, and our main market disclosuresystem as a reference sample, compared to the two plates in the disclosure ofinformation of the same point and different point. The second chapter of gem information disclosure review quality review of the theory of the relevant laws andregulations of information disclosure and the basic theory, including the United Statesof America "Securities Law", the efficient market hypothesis, asymmetric informationtheory and other related laws and regulations and the basic theory of classical. Afterfurther review of domestic and overseas about the gem information disclosure of therelated literature. From the analysis of two aspects of corporate governance andfinancial situation and the authenticity of information disclosure, timeliness, integrityanalysis of the three factors influence the quality of information disclosure of listingCorporation, the factors influencing the quality of the third chapter of informationdisclosure. The fourth chapter GEM Listing Corporation information disclosurequality measure in the comprehensive consideration of the actual situation of theconditions of disclosure of GEM Listing Corporation information in China, based onthe combination of the index selection entropy model as the listing Corporationinformation disclosure quality measurement model. Based on the growth enterprisemarket of listing Corporation information listing Corporation annual report data of2009-2011gem disclosure quality measure for empirical research. At the same timefrom2009has been listed on the Shen zhen stock exchange,2009-2011years oftrading and information disclosure, and the gem Sample Firms belong to the sameindustry and similar size small and medium-sized version of listing Corporation asthe comparison group to measure the quality of information disclosure.According to2009-2011annual growth enterprise market of Sample Firmsdisclosure of information distribution of empirical results quality measure, can befound in the original disclosure of poor quality, improve the quality of informationdisclosure of their own companies, the overall sample extreme low value of samplesdecreased. Many Sample Firms information disclosure quality index valuedistribution in the medium level interval, which can explain the main causes of geminformation disclosure quality of improving the overall quality of information disclosure is the low listing Corporation to improve the quality of informationdisclosure of their own, so that the overall situation of the gem Sample Firmsinformation disclosure level improved. Problem is that although the informationdisclosure the overall water quality has improved, but most of the informationdisclosure of Sample Firms quality belongs to the medium level, the number ofinformation disclosure of Sample Firms quality belongs to the higher level onlyaccounts for the total sample number, we can see that the Chinese gem market in thequality of information disclosure should be further perfected and improved.