Study On The Quality Of Accounting Information Disclosure Of Listed Companies

In the capital market, investors can understand to the investment ofthe company’s operating performance by the disclosure of accountinginformation. The company accounting information disclosure is not onlyof great significance to reduce the information asymmetry andtransaction cost, but also the key to protect the investors and to achieveoptimal allocation of resources. The fundamental objective of companyaccounting information disclosure system is to protect the interests ofthe investors, and the investor protection has or gradually become thefocus of academia and practice. Former chairman of the SEC ArthurLevitt has pointed out that investor protection is of great significance tothe economic development. This paper is based on such a case, withreference to the existing research results, combined with the status quoof Chinese listed companies, I explore and analyze the question of thelisted company accounting information disclosure from the perspectiveof investor protection.This paper analyze the question of the listed company accountinginformation disclosure from the perspective of investor protection, thedisclosure of accounting information can and how to exert protection ofinvestors, and how to reduce the information asymmetry betweeninvestors. In this paper, I make the A-share listed companies of Shenzhenstock exchange as samples; using event study method, analyze therelevance between information leakage and three aspects of accountinginformation----reliability, correlation and timeliness. The empirical testshows that the accounting information reliability negatively related withthe degree of information leakage, so improve the reliability ofaccounting information and reduce the surplus management can help toreduce the extent of information leakage and improve the level ofinvestor protection. The accounting information correlation negativelyrelated with the degree of information leakage, the improvement of theaccounting information correlation, can strengthen the degree of investorprotection. More timely information disclosure, at the same time, canreduce the time lag effect, so as to protect the rights and interests ofinvestors. Therefore, in order to ensure the health of China’s securities market operation, governance should strengthen the supervision of thesecurities market information, standardize the information disclosure oflisted companies; improve the quality of disclosure of information, inorder to improve the protection of the interests of the investors.