Empirical Analysis About Regional Marketization Degree,Disclosure Quality And The Growth Of The Enterprise

At present,our country is in the transition to the market economy,because of the differences in the natural environment and human environment,the degree of marketization is not balanced,this also means that the enterprises in different regions,there is a big difference,in regions with high degree of marketization,the laws,the level of government regulation,the protection of property rights,infrastructure and other aspects are better,these external environment factors will affect the growth of enterprises,so these factors will more or less influence on the growth of enterprises,in addition,according to the Asymmetric Information theory,Signaling Theory and stakeholder theory,the investors,suppliers,employees and others pay great attention to the disclosure of information for their own interests.So enterprise information disclosure quality can affect the growth of enterprises.But in regions with different degree of marketization,the degree of concern is different,which may affect the relationship between information disclosure and the growth of enterprises.From this we can know that there is a close relationship between the degree of regional marketization,the quality of information disclosure and the growth of enterprises.The listed company have great development potential and vitality,and they play a vital role in promoting the development of our national economy,so the study about regional marketization degree,disclosure quality and the growth of the enterprises important meaning.The biggest innovation of this paper is to incorporate the macro factor of the degree of regional marketization degree as a variable into the research scope.Because the growth of the company is affected by the external environment,this paper reflects the influence of macro environment on the micro level.This article is divided into six parts.The first part is the introduction,which introduces the practical significance and the innovation of this paper.The second part is literature review.The description of the current domestic and foreign researches on the degree of Regional Marketization,the quality of information disclosure and enterprise growth,and summarize the research results.The third part is the definition of the concept and theoretical basis.This article embarks from the related theory of regional marketization degree;analyze the relationship between regional marketization degree,disclosure quality and the growth of the enterprise.The fourth part is the research design,including research hypothesis,sample selection and data sources,research variable interpretation and model design.The fifth part is the empirical analysis.The sixth part is the conclusion and suggestion.In the empirical study,this paper based on the data of listed companies of Shenzhen Stock Exchange from 2013 to 2015.The research results show that: the region with higher degree of marketization,the better the growth of enterprises.Compared with the state-owned enterprises,the non-state-owned enterprises perform more obvious on this point,at the same time;the quality of information disclosure is positively related to the growth of enterprises.Compared with the state-owned enterprises,the non-state-owned enterprises perform more obvious on this point.The enlightenment of this paper is as follows: the improvement of the degree of marketization and the quality of information disclosure is conducive to promoting the growth of enterprises,therefore,in order to promote the growth of enterprises,promote the development of the national economy,from the perspective of the government,should improve the information disclosure system,establish a set of standard rules on information disclosure,and improve the supervision system of information disclosure,strengthen supervision,increase the punishment,finally,should also actively promote the regional marketization process,vigorously develop the capital market,labor market and other elements of the market,reduce the degree of government intervention in the market and perfect the relevant laws and regulations.From the view of enterprise,should improve the internal governance structure,improve the incentives of management,improve the quality of information disclosure,at the same time,for state-owned enterprises,should make scientific and effective assessment of corporate executives,the growth of enterprises should be included in the assessment.