Research On Violation Of Information Disclosure Regulations Of Listed Companies And The Influence Factors

Information disclosure system of listed companies is the basis of correct decision of investors, creditors and regulators, etc. Securities market is an information trading market, which needs to disclose information timely, fully and accurately. Non-standard information disclosure can affect the stock price of listed companies, so as to damage the interests of investors, In recent years, securities market developed rapidly in China, at the same time, there’s a lot of violation of information disclosure regulations.This paper firstly analyzes the present situation of information disclosure irregularities of listed companies. Then, through the method of empirical research, explores the influence factors of violation of information disclosure regulations of listed companies, In this paper, chapter I is introduction, which illustrates the research background and significance of this article, research methods, research ideas and frameworks, the expected contributions.Chapter Ⅱ is literature review. Reviews the literature of information disclosure at home and abroad systematically, and summarizes the method and conclusion of related literature research domestic and overseas.Chapter Ⅲ is the relevant concept definition and theoretical analyzes. Firstly illustrates the definition of information disclosure regulations and violation of information disclosure regulations. Then theoretical analyses the violation of information disclosure regulations of listed companies and the influence factors from perspective of the theory of asymmetric information, signaling theory and agency theory.Chapter IV is the present research of the situation of violation of information disclosure regulations of listed companies from2005to2010. Specific researches general situation of the information disclosure violation, industry characteristics, types of violation, characteristics, the year of the listed companies which disclose information irregularly, the type of report related to violation, profit status of these companies, types of penalty.Chapter V is the empirical analysis of the influence factors of violation of information disclosure regulations. Firstly puts forward the research hypothesis. Then introduces the design of variables, method of research, source of data and selection of sample. The empirical results show that the financial status and equity structure of listed companies has a significant influence on violation of information disclosure regulations of listed companies.Chapter VI is the conclusion, suggestions and prospects. Summarizes the research conclusion of this article, and then puts forward countermeasures and suggestions. Finally analyzes shortcomings of the article.The main contribution of this paper is as following,(1) This paper unlike most of the existing research, selects a different year as the year of study.(2) Summarizes the characteristics of violation of information disclosure regulations of listed companies in China, which references for investors and regulators.(3) From aspects of the financial position and corporate governance structure of listed companies, studies violation of information disclosure regulations of listed companies in China. Hope to perfect information disclosure regulations.The main shortcomings of this paper is as following,(1) Research in the paper is not comprehensive enough, because it doesn’t consider the influence of macroscopically system and market.(2) Due to the inside information of stock exchange is hard to get and supervision behavior lags behind, so that the choice of the control sample is not quite accurate.