The Study On Accounting Information Transparent Of Listed Companies

In the global financial crisis and under the background of accounting fraud events emerge in endlessly, the social from all walks of life want to improve the transparency of accounting information. Accounting information transparency of listed companies concerns the interests of the investors, is about the establishment of a fair and effective capital market about the long-term development of the national economy.In this paper, on the theoretical basis of game theory, the principal-agent theory and the investor protection concept, the concept of transparency of accounting information of listed companies, the current situation, influencing factors, and the economic consequences have been comprehensive studied. This paper considers the status of China’s listed companies are currently lagging behind the United States’and other developed capital market, transparency of accounting information of listed companies is still needed to be improved, it has a profound institutional reasons and service-related causes, such as the capital market factors, regulatory factors, rating agencies and managers’motivating factors, China’s capital market yet there is a gap with developed capital markets, the economic consequences of accounting information subject to the macroeconomic factors constraints; Regulators still need to perfect the legal, and regulatory efficiency still need to be improved in order to help improve the transparency of accounting information; development of rating agencies lagging behind also has an adversely effect on listed improve the transparency of accounting information.Economic consequences of accounting information transparency has been analyzed from two aspects, mainly, this paper considers improving the transparency of accounting information will have a positive economic consequences, which is mainly reflected in the accounting information of listed companies increased transparency will help to improve the corporate governance of listed companies and asset substitution problem, and the formulation of accounting standards from the set goals and design principles of instructional effect. Improving the transparency of accuunting information of listed companies help to reduce external financing costs and enhance the value of listed companies, and to facilitate the management role of accounting information, constraining and motivating management of listed companies; Improving the accounting information transparency of listed companies, improving the listed company’s asset substitution problem, the manager will reduce adverse selection and moral hazard and increase the protection of creditors and increase the companies’mobility and enhance the financing capacity; Improving the transparency of accounting information could help bring positive economic consequences of Guidelines implementation, improve guidelines’value. Therefore, many scholars strongly called for improving accounting information transparency, plan to bring the positive economic consequences of the accounting information transparency, but the negative consequences of the accounting information transparency is often overlooked. The author believes that the accounting information transparency of listed companies will not conducive to the protection of commercial secrets and will increase disclosure costs. So this article think we should have a correct understanding of the accounting information transparency, this will lead to the positive economic consequences, to play full utility of accounting information transparency of listed companies.In order to the right management accounting information transparency of listed companies.This article at last puts forward measures to strengthen the accounting information transparency management measures, including establishing and perfecting the evaluation index system of information disclosure of the listed company; strengthening legislation; Perfecting the supervision and improving the quality of the staff; At the same time to strengthen the protection of commercial secrets to correctly guide the management of the accounting information transparency of listed companies.