Research On Information Disclosure Effectiveness Of China’s Listed Companies Under Information Dissemination Perspective

With the development of social economy, our securities market has rapidly developed into an important force of capital market in just20years. But in the process of development, because of the system and organization construction lag, immature listed companies and investors and other reasons, it has many problems. The listed companies’poor information disclosure effectiveness is one of them.At present, the research on effectiveness of the information disclosure at home and abroad mainly focus on two aspects: market efficiency and information asymmetry theory, analysis information disclosure effectiveness from the Angle of economics. The former think if the listed companies information disclosure is fully effective, the market can completely play the role of the distribution of resources; The latter think information disclosure is to eliminate the information asymmetry between the agent and the principal, so as to reduce the distorted "adverse selection" phenomenon. This thesis redefine the concept of information disclosure effectiveness from the point of information communication, will information disclosure as information communication activities, respectively from to three parts, research and evaluate the influencing factors (noise) of the listed companies (source), communication platform (channel) and investors (audience). Finally use information dissemination theory to analysis and evaluate the impact to investors and the function to the stock market.This article first introduce the research background, research purpose and research significance. and then the domestic and foreign literature review, finally briefly introduce the article institutions.The second part mainly introduce some Related Situation about the listed companies information disclosure. First define the concept of information disclosure and its’function, and then introduce the type and content of the information disclosure, then introduce the basic situation of China’s listed companies and listed companies information disclosure system construction.The third part is research on the listed companies information disclosure effectiveness, introduce information dissemination efficiency theory and its’influence factors, and then use it into the listed companies information disclosure activities, give the concept and influence factorsin of information disclosure effectiveness under the angle of information dissemination. At last, introduce the present situation of the listed companies information disclosure effectiveness in China, and take some case illustration.The fourth part is the listed companies information disclosure effectiveness evaluation, this chapter introduce four information disclosure effectiveness evaluation systems domestic and international, set up the information disclosure evaluation index system from the information source, dissemination channel and the audience, and selected two cases for empirical analysis.Finally, The author make some suggestions on the basis of theoretical and practical research about the listed companies information disclosure effectiveness to improve the effectiveness, at the end of the dissertation,the author summarize research conclusion with the shortagies, and put forward the prospects for future study.The features and innovation points of this article lie in:try to recognize the listed companies information disclosure effectiveness from the perspective of information transmission, and give a clear definition of its’concept. At the same time, use the analytical hierarchy process (ahp), will the listed companies information disclosure as a information dissemination process, then decompose it into a operational evaluation index system, which can evaluate the listed companies specific information disclosure, and has practical significance.