Empirical Research On The Disclosure Quality And Value Relevance Of Accounting Information In Chinese Listed Companies

"Public", "Fairness" and "Justice" are recognized as the three principles of the securities market. The principle of "Public" requires the listed companies must perform their duty of adequately disclosing company information. Investors are the demanders of accounting information, while the listed companies are the provider of the accounting information. Investors can make the correct economic decision accordingly only when they receive the high quality of accounting information. Accounting information disclosure’s quality directly affects the operation efficiency of the securities market. Generally speaking, the more the quality of accounting information disclosure improves, the more the investors will trust the accounting information. Investors will be more likely to disclose accounting information as a basis for economic decisions. The higher the efficiency of the securities market, the more obvious the performance will be. In order to verify the above conclusions of securities market in our country, this article studies what impact the quality of accounting information disclosure has on the accounting information value relevance.This paper is based on Chinese listed companies as the research object, and chooses Shenzhen stock exchange main board listed companies as the research sample. The research period is from 2012 to 2014. The paper is based on the theory of accounting information disclosure and value relevance of accounting information theory, using the method of empirical analysis to prove if the quality of accounting information disclosure is likely to effect on the value relevance of accounting information. According to this article research conclusion, put forward useful suggestions to improve the efficiency and effectiveness of the securities market in China. At first, this paper introduces two kinds of theoretical foundation which the paper is based on. They are the theory of accounting information disclosure and the theory of value relevance of accounting information. Next, the paper introduces the selection of variables, and chooses the Ohlson price model to do the empirical research. Modify the price model according to the situation of Chinese capital market. Join the company size, proportion of tradable shares, capital structure, company growth, ownership concentration and final control properties as control variable.Finally divide the samples into different years and accounting information disclosure level to do the study using the modified price model. We find the listed companies’accounting information disclosure quality presents the increasing trend, but the level of the disclosure quality is still very low. When quality of accounting information disclosure improves, the accounting information value relevance improves, too. The earnings per share explanation ability is stronger than the net assets per share. Then, this article analysis of the empirical results, give policy advices to improve the operational efficiency of securities market in China.