Comparison Of The Factors Affecting Information Disclosure Quality Of The Listed Companies In Different Boards Of Shen Zhen Stock Exchange Market

Information disclosure is one of the most important activities of the listedcompanies. In recent years, along with the development and application of Internet,Internet has become one of the most important channels for listed companies to discloseinformation. The quality of listed companies’ information disclosure affects theefficiency of capital market as well as the interests of investors. As a result, it isnecessary to monitor, manage and investigate the companies’ behavior of informationdisclosure and the quality of information disclosure through multi-channel including theInternet. At the same time, thanks to the Internet, investors can get access to informationfrom listed companies in time, it is the necessary skill to analyse and apply theinformation. The quality of information disclosure varies among listed companies inChina. In terms of the quality of information disclosure, the GEM is better than theSME board, and SME board is better than the main board. Even the listed companiesamong the same board, the quality of their information disclosure varies. The aim of thisarticle is to compare factors affecting the information disclosure quality of listedcompanies among different boards. This article can help listed companies’ have betterknowledge of information disclosure, and make contributions to the management ofinformation disclosure as well as the improvements of information disclosure.This article summarizes relative concepts on information disclosure and empiricalresearches on information disclosure. In addition，this article uses concepts of thesubject of Communication to analyse factors affecting the quality of informationdisclosure. The aim of this article is to investigate the main factors affecting listedcompanies’ information disclosure, using the sectional data of the year of2012, and allof the listed companies in the sample are among the Shen Zhen Stock Exchange Market.This article uses four main methods including literature research, interdisciplinaryresearch, qualitative and quantitative research.This article contains two advantages. One is to analyse factors affecting the qualityof information disclosure with the help of concepts of the subject of Communication.The other is to investigate and compare the main factors affecting the informationdisclosure quality of main board, the SME board and the GEM, separately.The results of this research suggest that the profitability and the scale of the listedcompanies are two main factors affecting information disclosure quality, and they both have positive effects on information disclosure quality. The separation of the Chairmanand General Manager only has positive impacts on the information disclosure quality ofcompanies among the GEM. Additionally, the equity concentration ratio has positive butweak effects on the information disclosure quality and independent directors havenegative impacts on the information disclosure quality. Lastly, the debt ratio has noobvious effects on information disclosure quality.