Study On The Information Disclosure Quality’ Impact On The Corporate Value Of Listed Companies

With the development of securities market in china, the information disclosure is increasingly demanded in today’s fiercely competitive market as a result of the characters such as non-homogeneity, competitiveness and resources scarcity which are gradually demonstrated by companies at different developing stages, along with the wide existence of separation between management and ownership and the information asymmetry problem. As we all know, the information disclosure is essential to eliminate the uncertainty of investment from investors. Not only does it protect the interests of investors, improves the efficiency of the market resources allocation, there is a long-term impact on the healthy development of the securities market norms as well. Compared with many developed countries, poor supervision in securities market and the uncompleted regulations of information disclosure system have led to a large number of illegal events on information disclosure, which directly reveals serious problems in information disclosure such as low disclosure level and poor transparency in stock market. Although a series of laws and regulations have been published to regulate the behavior of listed company’s information disclosure, related problems remain prevalent. As things stood, it’s an urgent need for Chinese regulators and various listed companies to standardize the ways and behaviors of information disclosure, improve the quality of it. Therefore, based on these facts, this paper analyses the status and value effect of information disclosure of listed companies in depth, which will have certain theoretical and practical significance on promoting the improvement of the information disclosure system.The pharmaceutical manufacturing enterprises produce special products to maintain people’s life and health, which means the particularity and complexity in its management. Therefore, its information disclosure may reflect this industry’s characteristics, and the quality may be better or worse compared with any other companies. In recent years, investors have gradually paid more attention to pharmaceutical companies and inevitably concerned about its information disclosure when do some investment. These companies who want to improve their "value image" to enhance the financing capacity and get the trust from investors are necessarily strengthening information disclosure so that investors could have a deep understanding of these companies’strength and self-capacity. In this paper, listed companies of pharmaceutical manufacturing are researched by analyzing its information disclosure to know and reveal current situation of this industry and explore the differences exposed when compared with common enterprises, which will help enterprises and investors have a better understanding of the information disclosure of pharmaceutical manufacturing enterprises, and to some extent promote the optimization in China’s pharmaceutical industry and even other listed companies.The author works in a medical equipment manufacturing company and have a good understanding of this industry. Moreover, the company is at the stage of preparing for IPO, relevant policies and regulations and measures to improve the quality of information disclosure are necessarily needed. The company value reflects the value of all kinds asset in the company as well as the ability to gain future profit and create cash flow, which is closely relevant to the quality of information disclosure. Based on this aspect and in view of the author’s job requirements, how does the quality of information disclosure of listed companies affect the companies’value will be further researched in the hope of good result.With the constant development of the securities market, most listed companies came to know the importance of the emerging effect on listed companies imposed by information disclosure. Measures are taken to improve the quality of information disclosure in order to improve the company’s value. At the beginning of this paper, current situation of information disclosure in listed companies of Shenzhen Stock Exchange are analyzed and listed companies of pharmaceutical industry in Shenzhen Stock Exchange next. It is found that current situation is much better than before and the quality is higher. That is what our regulators, listed companies and the majority investors expect. Secondly, taking the pharmaceutical manufacturing company in Shenzhen as a research target, including mother board, small board, and GEM-listed A shares for the study, using the data of2010-2012as sample, and Tobin’s Q as an alternative to the variable of the company value, and the information disclosure’s quality evaluation results of the Shenzhen Stock Exchange Information the alternative variable of information disclosure, using multiple linear regression model to empirically analyze the effects on corporate value that the quality of information brings about.