| BACKGROUNDSince the establishment of China’s securities market in1992, it has made remarkable achievements after more than twenty years development. According to figures from the national bureau of statistics, the total market value of listed companies rise from48.5percent of gross domestic product in2000to over81percent in2010, so that, the securities market has gradually become an important part of China’s economic development. With the development of securities market, the drawbacks of securities market mechanism are prominent day by day, illegal disclosure of events bring to China stock-market, seriously infringes upon the investor’s investment interests, and blows the confidence of the investor. Information disclosure violations, as "the cancer", impede the healthy operation of the capital market.With the development of securities market, information disclosure mechanism for the purpose of investor protection has been gradually improved, as the external supervision mechanism have homogeneity for all public companies, but still present a difference "of disclosure quality of listed companies, the reason is that listed companies tend to choose the way of information disclosure which is benefit to the company, based on a variety of motives, In "emerging+transition" dual attribute of market environment, how to ease the market information asymmetry, reduce the investment risk, ensure the investors’interests, which is the key problem to be solved in present security market. So, fair, open and fair information disclosure mechanism and the execution efficiency are more important.PURPOSEThe main purpose of this paper is to test and verify that high quality information disclosure is conducive to the investors’interests; At the same time, compared with delayed disclosure, false statement has more important impact on investor protection, and occupies the important position in the information disclosure violations through the study of sample packet inspection; At last, based on the investigation to the disclosure delay,confirm that the positive relationship between the quality of information disclosure and investor protection is more significant in delay disclosure. So, in the current securities market environment, strengthening disclosure quality is the key mission to protect investor interests, and maintain of the securities market effective operation.MAIN CONTENT AND VIEWThe main content of the thesis contains following chapters:Chapter one is introduction. This chapter introduces the research background and research significance of the paper, at same time illustrates the content and framework. The main purpose of this chapter is to introduce the research background and the overall framework, for the following research, in order to study below.Chapter two is literature review. Based on defining the definition of illegal disclosure, disclosure quality and investor protection, this chapter makes a summarization about the current status at home and abroad, based on a large number of e existing research results, the author puts forward the research direction of paper.Chapter three is the theoretical analysis of disclosure quality and investors protection. Firstly, this chapter analyzes the theoretical analysis of disclosure quality and investors protection, which concludes principal-agent theory, information asymmetry theory, and efficient markets hypothesis theory. Secondly, it interprets the way that the information disclosure affects investor protection from the perspective of governance function and pricing function. Thirdly, it points out the main problems in the securities market information disclosure and investors protection system, and analyzes the reason of these problems.Chapter four is empirical study, which is composed of four sections. Section one is theoretical analysis and research hypothesis, that is high quality of information disclosure is conducive to investor protection. Section two is study design. Here first introduces source of sample selection which is described in detail, then presents the research model of this paper based on using the former people’s achievements for reference. Section three is empirical study. Regression analysis showed that research hypothesis has been verified, and through comparative analysis, we draw two conclusions:firstly, compared to delay disclosure, false statements occupies the important position in the information disclosure violations; secondly, compared to timely disclosure, influence of information disclosure quality on investors is more significant in delay disclosure. Finally, it summarizes Empirical findings.Chapter five is the conclusions and recommendations of this article. Section one makes a summary of the result according to the paper’s study and analysis. Section two presents four recommendations, as follows:Firstly, strengthen information disclosure regulation; Secondly, build a scientific evaluation criterion of information disclosure; Thirdly, standardize the market of external audit; Forth, intensify the investor education.CONTRIBUTIONSThe main contributions of this paper include the following aspects. Firstly, it can contribute to expand the research perspective of investor protection. Secondly, the angle of sample selection is relatively new. This article selects A-share illegal disclosure company and matching company during2007-2011as research sample. Thirdly, the empirical analysis tries to adopt comparative analysis... |
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