The Empirical Research About The Influence On The Corporate Performance Produced By Information Disclosure Quality Of Listed Companies In China

Information disclosure quality of listed companies can bring great effect to the effectiveness of securities markets, protection of minority investors and other important issues directly. However, China’s securities market is an emerging one, on the one hand, information disclosure system is not perfect relatively, on the other hand, the listed companies in our country do not know the effect of information disclosure thoroughly, as a result, a lot of listed companies see the information disclosure as mandatory obligation and lack of motivation to offer information. And at last the fact emerges that the whole level of information disclosure quality of the listed companies in our country is not high, even the events of unreal information disclosure and the events that mislead investors appear one after another. This brings very bad effects to the development of our securities markets. In this context, guiding the behavior of listed companies’information disclosure reasonably to increase the supply of stock market information and improve the transparency of listed companies is the only way to enhance the effectiveness of securities markets. Therefore this research on the relationship between the information disclosure quality of listed companies and corporate performance has important theoretical and practical significance to enhance the listed companies’inner power to show their information and improve the whole level of information disclosure quality of the listed companies in our country.On the basis of the existing theories and practice, this paper investigates the effect of changes in disclosure quality on the corporate performance using a sample of firms which issue A-shares listed in Shenzhen Stock Exchange during the year2006to2010. This paper consists of two parts. In the first part, we mainly investigate the nonlinear influence of information disclosure on corporate performance, and the research on asymmetry effect of the change of information disclosure on corporate performance is the main content of the second part. At the same time, in the first part this paper makes group research on the whole sample. Firstly, according to the sample company whether is marked ST, we divide the whole sample companies into two groups. Then according to the sample company whether is a monopoly company, we also divide the whole sample companies into two groups to make research.From the results, we can see that as to the companies that are not marked ST, information disclosure of listed companies has nonlinear influence both on corporate financial performance and on stock liquidity, while on market performance, its effect is linear. While as to the companies that are marked ST, information disclosure has linear influence both on corporate financial performance and on stock liquidity, but it is not related with market performance. And as to monopoly companies, the effect of information disclosure on corporate performance is not significantly, while as to non monopoly company, information disclosure of listed companies has nonlinear influence both on corporate market performance and on stock liquidity, while on financial performance, its effect is linear. As to the second part of the research, the result is that the change of information disclosure of listed companies has an asymmetric effect both on corporate market performance and on financial performance, while on stock liquidity, it does not show the asymmetric effect.Finally, according to the regression analysis results, we put forwards the following suggestions:enhance the education of listed companies; reinforce the supervision of the listed companies with low information disclosure quality; strict exit mechanism of listed companies with high State-owned shareholding ratio; perfect supervision system to improve the punishment of illegal information disclosure; construct a complete set of information disclosure rating system; promote the influence of the board of directors and independent directors.