Research On The Information Disclosure Quality And Financial Performance Of Listed Companies Based On The Corporate Governance

Information disclosure is the key link of internal governance,but also the core of the capital market supervision.The article first introduces the measurement and evaluation methods of information disclosure of listed companies in the history,and reviews and summarizes the existing literatures on the relationship between the level of information disclosure and the financial performance of the company.On this basis,with reference to the existing information disclosure assessment results of the current situation of China’s securities market information disclosure analysis,find its characteristics and weaknesses.And then select the appropriate variable construction model,the information disclosure on the level of financial indicators to conduct an empirical analysis.This study uses the Shenzhen Stock Exchange A-shares listed companies on the board from 2006 to 2015 as the sample,and the rating of the annual disclosure of the "Disclosure of Information Disclosure of Listed Companies",revised by the Shenzhen Stock Exchange in 2013,and uses ROE and the level of evaluation by Shenzhen Stock Exchange announced once a year as a substitute variable,then establish the regression model to examine its relationship with the company’s financial performance level.Finally,according to the conclusions of the study to improve the quality of domestic securities market information disclosure efforts and policy recommendations.The full text is divided into six parts,as follows:The first part,the introduction.This section mainly elaborates the research background and writing significance,the research purpose and the main content of the article,and explains the main analysis method and the general structure of the article.The second part,the domestic and foreign research present situation analysis.This part mainly discusses the literature achievements in the field of information disclosure at home and abroad,and summarizes the literature achievements,experiences and shortcomings in history.This part is divided into two aspects,2.1 for foreign scholars on the information disclosure level of the measurement and evaluation of literature review,including the existing literature on the quality of information disclosure indicators and measurement methods,as well as various methods and realistic fit degree.2.2 The literature review of the relationship between the measurement and the evaluation of the information disclosure level of listed companies and the financial factors such as the consequences,level and performance of the listed companies.The third part,an overview of information disclosure.This section includes five aspects.3.1 Describe the meaning of information disclosure.3.2 Introduce the general quality requirements for information disclosure.3.3 From the concept of information disclosure,this paper expounds the theoretical basis of this research direction,including signal transmission theory,effective market hypothesis,normative and principal-agent theory,which lays the foundation for the next step.3.4 From the perspective of legal supervision system,introduce the information disclosure system norms,and regulatory requirements specific form.3.5 Introduce the application of securities and information disclosure in China and abroad in the application of the level of assessment methods,while the Shenzhen Stock Exchange’s consideration system was introduced.The fourth part,the performance and causes of information disclosure in China.This section first describes the domestic securities market information disclosure.And then described the current problems in detail from the corporate governance,external supervision and other different angles.The fifth part,research design.This part elaborates the research hypothesis,the sample selection and the data source,and introduces the selection of the alternative variables of the key factors,and constructs the regression model according to the hypothesis to explain the meaning of each variable in the model.The sixth part,empirical results and analysis.Firstly,descriptive analysis.This section is based on the results of the annual review published by the Shenzhen Stock Exchange to describe the statistics,from the overall situation of information disclosure,relationship between assessment level and performance level(ROE),and other selected variables and angles,pointed out the characteristics and problems of information disclosure,and the descriptive analysis of the relationship.Secondly,this part explores the relationship between the quality of information disclosure of listed companies and the financial performance of the company.According to the model constructed above,this paper analyzes the empirical results and obtains the relationship between variables.The last part,research conclusions and policy recommendations.This part summarizes the conclusions of this paper,and puts forward some suggestions on the management,investors and supervisors of the listed companies,and finally explains the areas that need further study.