A Study On The Impact Of Large Shareholder Heterogeneity On Accounting Information Asvmmetry And Ouality

Under full circulations, the large shareholders can also benefit from the exchange of stocks in the stock market, which means advantages of the accounting information possessed by the large shareholders will bring them more benefits. Therefore, it makes the relations between large shareholder and accounting information more closely.Although our stock market has entered the full circulation, the ownership concentration is still in high level. The large shareholders can control not only the operating management, but also the accounting information. Accounting information asymmetry will result directly in accounting fraud and affect the quality of accounting information.Based on full circulation, this thesis studies the relations between the large shareholders and accounting information. Firstly, it focuses on two indexes for the types of large share and ownership of concentration which measures large shareholders’ heterogeneity. The large shareholders can be classified into large aggressive shareholders and large moderate shareholders according to their different monitoring and controlling capacities. The level of large shareholders’ heterogeneity will be measured by the ownership of concentrations. Then it analyzes on the relations among the large shareholder heterogeneity and accounting information. Finally, it gives a further study on the relations between large aggressive shareholder and the accounting information.The results of large shareholder heterogeneity measured by type’s shows a significant negative association between two types of large shareholder, and a positive association between the quality of accounting information; while the association between the large moderate shareholders on the accounting information is not so notable. Meanwhile, the results of large aggressive shareholders to accounting information, the more shares possessed by large aggressive holders, the lower level of the accounting information asymmetry, the better of quality of the accounting information.Based on a further study on effect of large shareholder heterogeneity measured by ownership concentration shows that the high level of concentration will cause the high level of the accounting information asymmetry. Although there is a negative association between ownership concentration and the quality of accounting information, it is not so notable.The study of this thesis shows that the listed companies play a vital role in the accounting information, which accounts for the case basis of the theories of large shareholder heterogeneity, accounting information asymmetry, and power in shareholders, etc.