An Empirical Study On Factors Affectin G The Accounting Information Disclosure Of Listed Companies In China

Accounting information of listed companies as an important part of stock marketinformation, the quality level of the securities market regulatory authorities, investorson the stock market have great significance. Listed companies accounting informationdisclosed in a timely manner to reduce the degree of information asymmetry insecurities transactions in the course, you can also reduce transaction costs andinformation search costs. While reducing the occurrence of adverse selection andmoral hazard, so that stock prices can accurately reflect the value of the company,effective company of capital flows, improve capital allocation efficiency of the stockmarket.In this paper, the annual report disclosure timeliness. Agency theory, transactioncost theory, corporate governance theory, information economics theory as thetheoretical foundation, standing on the point of view of the majority of investorsthrough a combination of theoretical and empirical research, the study of China’slisted companies accounting information disclosed in a timely manner factor.This article can be divided into two parts, the timeliness of accountinginformation of listed companies the relevant theory, and also organize domestic andinternational literature review on the timeliness. This part of the brief description ofresearch background and significance of timeliness of accounting information on alisted company, and timeliness of the underlying theory is described, and thetimeliness of the concept and definition of a listed company to conduct a detailedinterpretation. Second, the empirical part of the empirical research data selected forthe2008-2010Shenzhen A-share listed company annual report data, build models andempirical regression analysis examined the impact of China’s stock market listedcompanies in China accounting information disclosure timeliness factor.In the process of empirical research, the assumed factors and multiple regressionanalysis to test the relationship between the various assumptions factors listedcompanies’ information timely disclosure to determine whether a correlation. The testresults indicate the timeliness of disclosure by the company size, basic earnings pershare, profit and loss situation, the audit opinion issued by the type of the company’sannual report has an impact, but factors such as board size, ratio of capital of theindependent directors and the company’s growth for the annual report disclosuretimeliness of no effect.Finally, according to the results of empirical research, combined with the specialcircumstances of the securities market of our country at this stage, some improvements in our accounting information disclosed in the timeliness of opinionsand suggestions.