Study Of Effect Of Corporate Governance On The Accounting Information Disclosure Quality

Information is the core element of the capital market and the capital market is essentially an information market. In the capital market, the information bridge between investors and the public by the company is the information disclosure of listed companies.True, accurate, complete and timely disclosure of information not only helps investors to make rational investment decisions to reduce the risk, but also help to promote the healthy development of listed companies so that can improve the operational efficiency of the capital market. Since the early1990s inception of our country’s capital market, it has experienced nearly two decades of development, it has become an important market power in the national economy now. The information disclosure of listed companies became more and more important in China capital markets.Meanwhile,the contradiction between supply and demand of the information disclosure of listed companies has become even more serious.On the one hand, investors need large amount and diverse information badly; on the other hand,listed companies take advantage of that thought to disclose information selectively and purposively to attract investors.Frequently exposed of information disclosure of listed companies is exactly the manifestations for the intensification of contradictions. And the contradiction between supply and demand of the information disclosure will directly not only affect the governance and performance of listed companies but also affect the effectiveness of the capital market.As a result of that.It will hinder the further development of China’s capital market. Therefore,How to radically improve the quality of China’s accounting information disclosure of listed companies is became a paid attention question by majority of investors, capital market regulators and PSASB.Requirement of the information disclosure of listed companies comes from the asymmetry interest conflict between management and shareholders,which is precisely the problems to be solved by companies.Company governance structure defects has become a great barrier to accounting information disclosure.Research object of this paper is the quality of accounting information disclosure of listed company.This paper based on the perspective of corporate governance.This paper will tell you how to improve the quality of accounting information disclosure by improving the governance structure of listed companies in China’s listed companies.This paper combines with both theoretical study and empirical analysis.The first chapter is the introduction which presents the research background, significance and illustrates the research method of thinking, framework and content. The first chapter finally introduced the innovation point of this paper.The second chapter is the literature review which sorts out research results and methods in related areas at home and abroad systematically, second chapter carried out a detailed induction and summary draws on existing research results, and also grasp the latest research status and research directions domestic and overseas.Chapter three introduces the basic concepts and theories related.In this chapter firstly I understand fully about basic connotation of the accounting information disclosure and corporate governance.Then I state in detail about the correlation theory including EMH Theory, Asymmetric Information Theory, Signal Transmission Theory,Principle-Agent Theory and Stakeholder Theory.lt is the solid theoretical foundation for the following assumptions. In the forth chapter comes the empirical study design.Firstly I analysis the corporate governance on the impact of accounting information disclosure by the literature and theory I read before.The level of corporate governance includes internal governance structure and external governance mechanism.Internal governance includes shareholding structure,board characteristics, characteristics of the supervisory committee, management incentives these four aspects.In this chapter I will research its impact on the quality of accounting information disclosure respectively and proposed the hypothesis of this paper.Secondly I will do the selection of the samples and variables, then establish regression model.The sample data of this paper is the Shenzhen Stock Exchange from2009to2011. In this paper you can also see the regression analysis of the data model by constructing Logistic model.The fifth chapter includes the empirical research results and analysis.The empirical results demonstrate the existence of corporate governance in a number of factors: ownership concentration, the number of board meetings, the combination of chairman and the general manager, executive compensation, product competition degree of government intervention have on the quality of accounting information disclosure significantly affected.Last chapter is the research conclusions and some policy advice.According to empirical results obtained previously,I proposed the corresponding disclosure of accounting information quality improvement suggestions.In the end This paper presents the study limitations and the direction of improvement.The innovation point of this paper is that previous studies have generally focused on the company’s internal governance structure on the quality of accounting information disclosure, and where there is little research firm external governance mechanisms and accounting information disclosure relationship. This article from the internal governance structure and external governance mechanisms both more integrated and comprehensive analysis of its impact on the quality of accounting information disclosure, and then comes the conclusion that the company’s external governance also has a significant impact on the quality of disclosure of accounting information.The limitations of this paper is that the indicators to measure the quality of accounting information disclosure are based on the Shenzhen Stock Exchange released information disclosure examination results.Results are divided into four levels, excellent and good assigned to1, qualified and unqualified assigned to0, So the rough measure is lack of accuracy and complete, and the Shenzhen Stock Exchange’s evaluation method is not transparent. Secondly there are some limitations of the company’s external governance mechanisms when measured on the explanatory variables related indicators used is Fan Gang "China Market Index-a relatively market-oriented process provinces Annual Report2011"the relevant data,But the latest data is only to2009, affected by this restriction, I calculate the growth rate by the date of past five years and then use the rate to measure the relevant variables for2009-2011which limits the extent of data accuracy.