An Empirical Study Of Factors On Quality Of Information Disclosure Of Pharmaceutical Industry Listed Companies

Information is the cornerstone of the survival and development of the capital market, the lowquality of information disclosure is a key cause of many problems in the capital markets. With thecontinuous improvement and development of market economy, quality of information disclosure isgradually improving. Information disclosure quality in different sectors of the situation is different.In China, the pharmaceutical industry is a highly sensitive to the macroeconomic environmentindustry,be concerned and supervised by the State and the market, in addition, the pharmaceuticalindustry as a sunrise industry in the world, there is a "high-growth, high expansion, high growth" the"three high" industry characteristics. Therefore, the pharmaceutical industry, the high quality ofinformation disclosure is market demand. Thesis of the Shenzhen Stock Exchange on the last fiveyears (2009～2013) of the pharmaceutical industry data were analyzed and found that, thepharmaceutical industry as a whole showed a fluctuating quality of information disclosure on the rise,while the process and the disclosure of false information still exist, poor timeliness, inadequatedisclosure and other issues, leading to the presence of uneven quality of information disclosurephenomenon.Multiple factors affecting the quality of information disclosure, on the basis of previous studies,this article divides the factors that affect the quality of information disclosure into internal andexternal factors that were explored, and the efficient market theory, agency theory, the theory offinancial reporting objectives as the article theoretical basis of the assumptions. This article willmake ROE, R&D expenditure as the internal factor index, the audit opinion, whether be punishedby the stock market will be as the external factor index, based on indicators of four hypotheses wereproposed, and then to the Shenzhen Stock Exchange from2009to2013the pharmaceutical industrylisted companies as samples, in excluding a number of factors obtained after observing a value of359years, makes use of empirical logic Logistic regression analysis to test correlation and logisticregression analysis.The empirical results show: in the case of other conditions established, the company’s ROEversed the quality of information disclosure was proportional, the developed branch situation of the company’s public year versed the quality of information disclosure was a weak positivecorrelation between the above conclusions validate the hypothesis1; company Informationdisclosure quality and subject to punishment score was positively correlated with the stock market,that is when the company been subjected to substantial penalties, the quality of informationdisclosure of listed companies will decline, the conclusion is verified hypothesis3; audit opinionsand information disclosure quality is positively correlated, if the audit opinion for thecompany-owned accounting period during the unqualified type, it will help improve the quality ofinformation disclosure of listed companies, which verifies the hypothesis2.Based on the research findings, the paper proposals to improve the quality of the informationdisclosure which listed companies in the pharmaceutical industry. A number of recommendations bemade, including the establishment of the pharmaceutical industry on the performance of listedcompanies to disclose the level of information to track the quality of supervision mechanisms, toimprove the pharmaceutical industry R&D investment environment, to strict control thepharmaceutical industry and to improve the type of audit opinion CPA audit quality, to improve theCommission’s regulatory functions for the pharmaceutical industry and to strengthen supervision andso on. Finally, the article points out the lack of this research and prospects for future research.