Research On The Factors Influencing The Quality Of Information Disclosure

The development for the securities market in this current time, the quality of informationdisclosure of listed companies is very important reference conditions for the investors toinvestment and securities market health, by the quality of listed companies to discloseinformation directly affects the healthy and orderly development of the securities market, alsodirectly affects the investors’ investment decisions. Therefore, requires listed companies todisclosure quality of information on the development of the securities market has a vital role.However, the securities market in China also have certain gap compared with foreign maturesecurities markets because of the late development. That’s the reason why that how toimprove the quality of the information disclosure of listed companies in our country is a hotand is deserving of research currently.Based on the started point, this paper select the Shenzhen stock exchange in2011-2013for examination and assessment of information disclosure of listed companies, a total of1075samples as an effective research. Using the data based provided by CSMAR and the Shenzhenstock exchange, and this paper use EXCEL software and SPSS20.0software to filterstatistical data analysis.In this paper, the quality of information disclosure of listed companies at home andabroad research literature review and summary, through the basic quality of informationdisclosure and disclosure related content, on the asymmetric information theory, and thetheory of efficient market theory, principal-agent theory, selection of the Shenzhen stockexchange listed company data as sample, the analysis of the elements that influence thesystem research, and put forward relevant assumptions, various influencing factors of theempirical test of the relativity of the quality of information disclosure of the enterprise, Thefollowing conclusions:(1) the quality of information disclosure and float for significantnegative correlation, this is the current shareholders without power and capacity as a result ofregulatory management;(2) the quality of information disclosure there was no significantcorrelation with the proportion of independent directors on the board, this is due to theindependent director system in our country, mergers and acquisitions are not reflected in thetrue sense, more is the relevant regulatory authorities, aimed at standard;(3) the quality ofinformation disclosure and shareholder profitability is significantly related to the increaseshareholder’s profit ability, can effectively strengthen enterprise voluntary informationdisclosure level of willingness and;(4) the quality of information disclosure and financial riskof significant positive correlation, that the higher the financial leverage of the company, the more tend to be more voluntary information disclosure to the public. according to the resultsof the empirical analysis put forward to improve the quality of information disclosure of listedcompanies related countermeasures and Suggestions: establish and perfect the independentdirector system, strengthen the independence of the independent director, specification of theindependent director mechanism, improve the independent director of professional operation,set up independent director talent pool; At the same time improve the system of voluntaryinformation disclosure, establish and improve the voluntary information disclosuremechanism, build the evaluation system of information disclosure, establish and improve thesecurities market supervision system, improve the supervision right of the securities in themarket, to create a good social credit environment.Through the research on the influence factors of the listed company informationdisclosure quality, the paper try to find the important factors affecting the quality ofinformation disclosure of listed companies, the specification of the Chinese securities marketinformation disclosure, improve the quality of information disclosure of listed companies,protect the interests of investors, ensure that the securities market healthy and orderlydevelopment, and construct the actual situation in our stock market information disclosure ofthe evaluation system is of realistic significance and value.The innovation of this paper lies in: breaking the previous scholars in this field ofresearch from unilateral study of main factors affecting the quality of information disclosuremodel, considering the possibility of various aspects, and use the Shenzhen stock exchange,the CSMAR database to provide the latest annual report data and information disclosure datafor empirical research, provides guarantee for the rigor and efficiency of the paper.