Research On Correlation Of Accounting Information Transparency And Corporate Value

From the perspective of information transmission theory, the securities market can be seen as an information exchange market. One of its core questions is whether the stock price can respond to variety of information involved accurate and timely. Information disclosure is the source of information and information transparency is the cornerstone of the securities market can operate effectively. As the subject of information disclosure, the higher company’s information transparency is, the more helpful it is for investors to understand the company’s true operating conditions and make the right investment decisions.However, China’s securities market is in transition. The regulatory mechanism is not sound and accounting information disclosure system is not standardized, the current situation of information disclosure and information transparency is unsatisfactory. In China, how to adopt one market mechanism, to increase the effective information supply in securities market and to improve listed companies’information transparency is a problem needed us to solve. Based on this, it is theoretical and practical significant to research on correlation of accounting information transparency and corporate value.Based on previous studies, this paper analyzes theoretically correlation of accounting information transparency and corporate value. In the empirical research, this paper chooses the Shenzhen stock market389listed companies as samples; in combination with other financial index and index of corporate governance, this paper considers "the evaluation results of information disclosure" as alternative variable of accounting information transparency and "Tobin’s Q value" as alternative variable of corporate value and establishes a multiple regression model at last; in model analysis, this paper has a judgment of the correlation between the two initially by grouping examination analysis, then has a described statistical analysis of the variables. It has a regression analysis finally and reaches the following conclusions:accounting information transparency and corporate value are positively correlated and the higher accounting information transparency is, the higher corporate value is. On the basis of the research conclusion, this paper proposes the following policy recommendations:(1) To establish a perfect accounting information transparency evaluation system;(2) Strengthen information disclosure supervision;(3) To improve the independence of the board of directors, expand the proportion of independent directors;(4) Improve on the incentive and constraint mechanism;(5) Strengthen honesty and credit construction of listed companies.