Research About The Effects Of Corporate Governance On Non-financial Information Disclosure

With the advent of the era of information and the intensity of market competition, the information needs of various stakeholders tend to diversification. Only financial information disclosure cannot meet the demand of information users. Although financial information reflects the overall financial status and operating results to some extent, but with the restriction of accounting recognition and measurement, some important factors cannot be reported in the financial statements, such as corporate strategy, science and technology reserves, human resources and innovation ability. They can only be disclosed in the form of non-financial information. This kind of information is not only a perfect and important addition, but also has more correlation and predictive value. Non-financial information disclosure becomes the trend of The Times. However, the status quo of non-financial information disclosure is not optimistic. There is still a big gap between the present situation of information disclosure and the demand of information users. Through the reasonable arrangement of corporate governance structure, we can carry on an effective restraint to reduce management’s motivation and possibility to manipulate the non-financial information disclosure. In addition to the internal governance structure, external governance environment can also affect the disclosure. Against the backdrop, this article focuses on the effects of corporate governance on non-financial information disclosure, in order to improve the corporate governance and improve the level of non-financial information disclosure.The structure and main contents of the paper are as follows. The first part is the introduction part, mainly introduces the research background, research significance and the viewpoints of scholars both domestic and foreign. The second part includes concepts and theoretical studies. This part elaborates the principal-agent theory, signaling theory, management and behavioral science theory and useful viewpoints of policy-making, on the basis of the concepts of corporate governance and non-financial information disclosure. In the third part, statistical analysis of disclosure level is accomplished and the present situation is summarized. And the theoretical analysis of factors affecting the level is finished from two aspects of internal governance and external governance. Then we build the non-financial information disclosure scoring system. The fourth part is the empirical analysis part. By choosing sample data and variables, the descriptive statistics, correlation analysis and multiple regression test is accomplished. Empirical study shows that the ownership concentration and the non-financial information disclosure level are inverted u-shaped relationship. The actual control of state-owned property is not conducive to non-financial information disclosure. The proportion of independent directors and the frequency of board of supervisor’s conference positive correlated to the level. The board of directors shareholding is beneficial to improve the level, but we should also consider the impact of the ownership of the board of supervisors. In the external governance, the higher the marketization index, the better the external system environment and the higher level of disclosure. Certain achievements are made in the intermediary regulation, but the supervision of external creditors market is very limited. The fifth part puts forward the relevant policy recommendations and prospects of future research direction.The innovation and characteristics of this paper is that it studys the effects of corporate governance on non-financial information disclosure comprehensively and systematically. Research on accounting information disclosure mainly concentrated in financial and voluntary information disclosure at present. This paper focuses on the listed company’s non-financial information disclosure, combined with the latest data from the information technology industry. Systematic research is accomplished from six aspects, including the ownership structure, management efficiency, management incentive, institutional environment, external creditors market and intermediary agencies.