Research On Measurement Of Equipment Manufacturing Listed Companies Information Disclosure Quality Based On Entropy Theory

Over the years, issues related to information disclosure are much of concern, whosequality of listed companies relates to sustainable development of market economy, it is thepremise of legitimate rights and interests and beneficial protection for investors. Overall thelevel of information disclosure quality is directly related to the effectiveness of the stockmarket, the protection of rights and interests for investors, and the efficiency of resourceallocation and other important problems. The quality of information disclosure of listedcompanies in the system, the system of which in listed companies is an indispensable part ofthe core of the important systems in the stock market. Therefore, research on quality ofinformation disclosure various problems, such as: factors affecting the quality of informationdisclosure, the information disclosure quality of the market reaction. Measurement of qualityof information disclosure, etc. will help improve market transparency. The focus of this studyis to measure the quality of information disclosure. Although research on the quality ofinformation disclosure of more and more, but today still lack comprehensive, publiclyavailable information disclosure quality measure index system, with a corresponding lack ofbasic theoretical research, but also the lack of information disclosure system research, there isno uniform measure. Therefore, the quality of the standardization of information disclosure oflisted companies in-depth study, good for the stock market continued to run the impact is ofgreat significance.Equipment Manufacturing listed companies are the target groups in this paper, based onEntropy Theory, focus on measuring the quality of research equipment manufacturinginformation disclosure of listed companies, according to the characteristics of the equipmentmanufacturing industry itself, capital-intensive, long production cycle, the outside is not easyregulatory advice, and information disclosure characteristics combined with the authenticity,completeness, timeliness of the three aspects of building a comprehensive index systemequipment manufacturing measure quality of information disclosure of listed companies.Meanwhile selected based on the theory of entropy model building, constructed out of thecalculation of information disclosure quality measure entropy index, ranking in the top five ofthe indicators are: the Board of Supervisors features, audit authority, foreign shares issued, Z index, managerial ownership. In2013one-year equipment manufacturing listed companies assamples, a total of490samples of data, the data into the entropy measure model to calculatethe value of2013Entropy measure various equipment manufacturing quality of informationdisclosure of listed companies, and published by the Shenzhen Stock Exchange disclosure ofinformation to compare the quality of the results analysis, the evaluation index system and theShenzhen Stock Exchange of information in this article to build a consistent, verified paperconstructs the index system are scientific and effective.