Correlation Between Enterprise Value And Timeliness Of Information Disclosure Of Listed Companies

The timeliness of the listed companies’ information disclosure as an important feature of the quality of the information gradually become the focus of attention of the theorists, investors, government and the public. The studies of existing information disclosure timeliness focuses on the influencing factors of timeliness and the response of market. This paper on the basis of the research on the existed information disclosure of listed companies, based on enterprise perspective and listed companies in China, takes relationship between timeliness of listed company information disclosure and enterprise value as the research topic, Tobin’s Q value as explained variable,timeliness of listed annual report disclosure as explanatory variable,earnings news types as moderator variable,size of the company, the company’s growth as well as owner’s equity ratio as control variables, to explore the relationship between the listed company information disclosure and corporate value, in order to choose the timing of the disclosure of information, enhancing the corporate value and promote the stable and healthy development of the companies.The paper selects the annual data of2009-2011Shen zhen and Shang hai A-share listed companies, uses SPSS16.0and STATA10software, variable multiple linear regression analysis, analyses the information disclosure of the relationship between the timeliness of enterprise value and factors and draw empirical results. The results show that:on the basis of the control variables, when the earnings news is good, timeliness of information disclosure and corporate value is positively correlated; when the earnings news is bad, timeliness of information disclosure and corporate value is not correlated.At last, the empirical results expand the analysis. This paper, on the basis of theoretical analysis and empirical analysis, combined with China’s securities market, provides views to choose the timing of information disclosure of listed companies in China according to the surplus situation. Meanwhile, timeliness indicates the role of external investors and the securities regulatory authorities to improve the supervision and management mechanism, prompted the Chinese securities market and improve transparency of information disclosure were further explored.