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The Study On The Effectiveness Of The Self-regulation Of China' S Stock Exchange To Listed Companies' Information Disclosure

Posted on:2018-08-20Degree:MasterType:Thesis
Country:ChinaCandidate:J N GaoFull Text:PDF
GTID:2359330512979400Subject:Accounting
Abstract/Summary:PDF Full Text Request
Information disclosure system is the core of securities law system in our country.The quality of information disclosure is closely related to the protection of investors'rights and interests.Therefore,it is very important to supervise the quality of information disclosure of listed companies.Whether the capital market's information quality supervision in our country is effective has been an important issue for regulators.With the trend of information disclosure being as the center of the regulation,China's stock exchange is gradually to be the main force of regulators which performs a front-line regulatory role in the capital market and responses to market changes timely and flexibly.Through punishing the information disclosure violations,China's stock exchange is aim to maximize the protection of the investors.However,there is no unifi--ed final conclusion that whether self-regulation of the stock exchange is effective.Recently,China's stock exchange has established an annual report inquiry letter mechanism for listed companies which requests the listed companies to explain?supplement and correct the questions in the annual report through the annual report inquiry letter.Then the listed companies reply the inquiry letter according to the requirements,which is benefit for the improvement of its information disclosure.Based on this,this paper analyzes the effectiveness of the self-regulation of the stock exchange to listed companies' information disclosure by the annual report inquiry letter.In response to these problems,this study includes all the listed companies to test the effectiveness of the self-regulation of China's stock exchange to listed companies'information disclosure which had received the annual report inquiry letter from 2015 to 2016.The empirical results show that the more timely the inquiry letter is,the more corrections are made to the error information and the more letters are sent at the second time,the higher the annual report inquiry letter informativeness is.The listed companies become more careful and their accounting information disclosure quality will be more strengthen as well as the accounting conservatism after receiving the annual report inquiry letter from the Stock Exchange It is concluded that the self-regulation of China's stock exchange to listed companies' information disclosure is effective,which will provide the meaningful reference for the Chinese regulators.This paper expands the research on the effectiveness of the regulation to listed companies' information disclosure in capital market.The previous studies are focused on the government regulation of information disclosure in capital market,and less companies' information disclosure in capital market.The previous studies are focused on the government regulation of information disclosure in capital market,and less attention is paid to the self-regulation of the stock exchange.This paper is just made up for these deficiencies.It is sure to help promote the efficiency and effectiveness of the self-regulation of the stock exchange.Meanwhile,it plays an important role in the healthy development of the securities market and the protection for the investors,which supplies new empirical evidence for the self-regulation of the stock exchange.Meanwhile,the previous studies lack the systematic research on the annual report inquiry letter mechanism of China's stock exchange.This paper may provide a better understanding of this mechanism for academics and practitioners.
Keywords/Search Tags:Stock Exchange, Self-regulation, Annual Report Inquiry Letter, Market Reaction, Information Disclosure Quality, Accounting Conservatism
PDF Full Text Request
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