The Effect Of Accounting Information Transparency Of Chinese Listed Companies On The Resources Allocation Efficiency

Since the1990s, the cases of the financial fraud and the information disclosurefraud is emerging endlessly in the international market, the accounting informationtransparency has become the focus of practitioners and academics. Accountinginformation is the main source for investors and lenders to make investment andlending decisions. Accounting information determines the whereabouts of funds andguides the allocation of resources, so it is important to improve the transparency ofaccounting information. Paper based on the realistic background of low level in bothaccounting information transparency and accounting information quality in thecurrent listed companies, studied the effect of accounting information transparency ofChinese listed companies on the securities market resources allocation efficiency withthe theory of the efficient market hypothesis, principal-agent theory, asymmetricinformation theory, input-output theory.Through reviewing the literature of information transparency economicconsequences, paper explored the way accounting information transparency impactingon resources allocation efficiency in the theoretical point of view. Based on theanalysis, the paper proposed research hypothesis, selected sample to study the effectof accounting information transparency of listed companies on the resourcesallocation efficiency in empirical way, draw the conclusions and put forward policyrecommendations. In the empirical research, paper selected A share listed company onthe Main Board and SME Board from the year2008to2012in the Shenzhen StockExchange as the sample, using the modified Jones model to measure the accountinginformation transparency and the present situation of information transparency, usingWurgler model to measure the securities market resources allocation efficiency andanalyzing the resource allocation function of various industries, the using the multiplelinear regression to test the effect of accounting information transparency of listedcompanies on the resources allocation efficiencyThe results of the research are: although the accounting information transparencyof listed companies at a low level, but the whole level is in the rising trend. TheChinese securities market has the function of allocating the resource, and this functionis gradually strengthening, but the function between each industry are difference, thetextile and garment industry has the most powerful resource allocation. In the control of asset-liability ratio, asset size, growth rate and profitability of the enterprises,accounting information transparency of Chinese listed companies is positivelycorrelated with the resources allocation efficiency, in the other word, the moretransparency of the accounting information in an industry, the higher resourcesallocation efficiency it has. In addition, the paper also found that the Chinesesecurities market is no longer in type of weak valid condition. The development ofmarket is good, and has passed the most elementary stage. There is a certain amountof healthy competition in the securities market; the impact of noise traders on thesecurities market are gradually reduced.