Executives Shares Of Listed Companies And Information Disclosure: An Empirical Study Of Relationship Between The Value Of The Company

For the listed company, the company value representing its constantly ability of the higher returns for shareholders, and also the fuller development potential, value replace profits and becomes the leading direction of the company has beyond controversy. Therefore, all sorts of company include shareholders, the board of directors, the management and staff, committing to achieve the target of profit maximization, one of the most common way is to establish and perfect the corporate governance structure. At present, a lot of the theory and practice researchers are all try to use various methods to find the balance between corporate governance and corporation value. Thus, The influence of corporate governance has caused the continuous attention, and gradually accepted by more companys.Judging from the successful experience, improve corporate governance system is the key for the long-term development and constantly enhance competitiveness. In the economic globalization now, most of the listed companies in China will be facing the fierce international competition, and the position in the competition will be affected to the domestic economic development prospects and the international competitiveness. Indeedly, whether we can increasing general economic level in China, completing financial system and capital market, and improve the the listed company with international competitiveness, impeccable corporate governance system is one of the essential factor. Therefore, it is necessary and feasible to reference the mature corporate governance theory and the successful experience of company governance from home and abroad.and guide domestic company to ascend value correctly.This paper focuses on managerial ownership, information disclosure and value of the company as its theme, useing theoretical and empirical analysis methods. Firstly, studies at home and abroad based on the theory, and the research status of relations between information disclosure and company value.Secondly, put forward four reasonable assumption and construct the structural equation model. Thirdly, we choose the sample from CSRC industry classification which is provided by the Shanghai Stock Exchange and Shenzhen Stock Exchange, select the listed companies of manufacturing industry as the research object, and2009as study period, delete the companies which are lack of data in the process of construct the data indicators of executives holdings and information disclosure,and also delete the listed companies which are in ST and PT position,meanwhile, eliminate the companies that executive directors assigen supervisors part-time, and ultimately choose149valid samples. After screening samples and integrate data, this study will use structure equation model to inspect the hypothesis.The empirical analysis of this study, the research framework of the structural model is a good addition, the other the relationship between the relevant variables are significant,except the relationship between executives holdings and corporate value. At the end of the study, according to the study, and the conclusion of the analysis of the present situation and reason, put forward relevant countermeasures about value promoting of the listed company in China, and suggest about the research direction in future.