An Analysis On The Evolution And Tendency Of Corporate Governance Disclosure Norms Under China’s Annual Report Guidelines

Along with the deepening of market-oriented reforms in China, our capitalmarket is developing towards legitimate and normative. However, China’s capitalmarket is still in the―emerging and transitional‖phase, it is a state that isdeveloping and immature. When the market’s institutional infrastructure is yet tobe perfected, corporate governance has always been the important subject of capitalmarket. In reality, the information disclosure system will reduce informationasymmetry and improve the transparency of the corporate governance. Therefore,corporate governance information disclosure norms is important institutionalinfrastructure that regulators should set about to perfect.The theme of our paper is evaluation of corporate governance informationdisclosure norms in China’s Annual Report Guidelines. By examining its evolvetrajectory, we are aiming to generally grasp the regular pattern and its motivation,and then explore the future trends of corporate governance information disclosurenorms, so that it can provide a reference for the further optimization of governanceand capital market operations of listed companies in China’s legal environment.Through research and analysis, we found that corporate governance informationdisclosure norms evolution, analyzing from the view of accounting environment,mainly due to the impact of economic context and the institutional background;analyzing from the perspective of corporate governance, effected by the impactbased on the evolution of shareholders’ governance model to stakeholders’co-governance; from the point of path dependency theory, it is the role of theprogressive development under the "history". According to the current situation, wesummed that the lack of integration and stakeholder participation informationdisclosure should be improved. Comprehensive the mainstream environmentalbackground of the International Integrated Reporting development, as well associal responsibility information disclosure needs, this article finally put forwardinnovative improvements on corporate governance information disclosure norms,so as to predict the future development of corporate governance informationdisclosure norms, and then to provide a mode for China’s Capital marketinfrastructure construction.