Study Of The Effects Accounting Information Transparency Upon The A-shared Listed Company’s Performance

The accounting information transparency plays an important role in stock market, and determines whether it can run effectively or not. As we all know, accounting information transparency is helpful to the steady and healthy development of stock markets. It can also improve the correctness of investor’s decisions. It is often to see financial scandals happening because of the accounting information transparency of the listing corporation is not high, which not only damaged investors’ interests, blow to investors’ enthusiasm for further investment; but also damaged the order of stock market, hindered the effective market mechanism playing its efficiency. Although there are many scholars at home or abroad focusing on studying the relationship between accounting information transparency and the operation performance, but they have not formed a unified method to measure it. Thus, it is very urgent to study this issue more deeply.On the basis of learning and drawing on the relevant research and literatures both at home and abroad, as well as the principal-agent theory, economic consequences theory, interest related theory and other theories, analyzing the current situation of accounting information transparency of listed corporation, which comes to a conclusion that it has both positive and negative effects on operation performance. In empirical parts, this paper selected372A-share listed corporations from Shenzhen Stock Exchange dating from2011to2013as sample, then bring forward two hypotheses, that is the listed corporations’credit rating score in Shenzhen Stock Exchange and the ratio of the actual voluntary information disclosure scores both have positive correlation with operation performance. This paper also uses the method such as principal component analysis and linear regression analysis to study the topic. The study found that if the corporation has higher accounting information transparency, it will immediately and effectively transmit the company’s information to investors for them to make rational expectations, and finally strengthen the investor’s trust upon the managers. At the same time, the company can also reduce financing cost and the cost of investors’supervision, the corporate governance structure also tends to improve, and then plays an important role in improving operating performance of the company. Thus, we verify the hypotheses. Accordingly, we put forward some suggestions, such as unifying the information disclosure of listed corporation, improving the appraisal of stock market, strengthening supervision and consummating the internal environment of the listed corporation.