Research On The Information Disclosure Quality Of State-owned Enterprises Under The Background Of Dividend Payout

The current dividend to the government system is virtually a contract signed between state shareholder as a bailer and inner-enterprises management as a agent, on the distribution of dividend. It is the foundation to enforce a contract, based on the information disclosure on a fixed ratio of accounting earning. Because of the information asymmetry and interest inconsistency, the agents who get the information advantage often take a series of actions to make the contracts signing or fulfillment in their favor, by manipulating accounting earning to adjust the business profit. Therefore, only if the information disclosure system is effectively implemented and the state-owned enterprises disclose the information truly and effectively, will the dividend to the government system carried out smoothly.Different from the non-state owned enterprises, the state-owned enterprises are public and enterprising. The dividend to the government as a shareholder should be based on the real profit of the state-owned enterprises. Dividend to the government embodies the publicity of the state-owned enterprise, which, however, weakens the enterprise attribute of the inner management crew in the state-owned enterprises. Under such background, we investigate whether there’re changes in the quality of the disclosed information about the state-owned enterprises, to offer advice to improve the quality of the information disclosure and guarantee the implement achievements of the state-owned enterprises dividend policy. According to the correlation data before and after the increase of the dividend to government, this paper verified that the compliance and robustness of the state-owned enterprises were getting better while the reliability was getting worse.Finally, based on the empirical conclusions, this paper put forward some counterplans and suggestions to promote the quality of the information disclosure.