The Research About Accounting Information Disclosure's Influence On Investors Protection

This article goes from the perspective of investor protection,focusing on the effectiveness of accounting information disclosure to protect investors and whether the introduction of accounting information disclosure can protect the interests of investors.It studys the relationship between the information disclosure mechanism of listed companies and investor protection with further thinking about how to reduce the degree of information asymmetry between listed companies and investors and to protect the interests of investors.Based on the 2011-2015's Shenzhen Stock Exchange 705 A-Share Listed Companies as a sample,we use the Event Study Method,combining theoretical analysis and empirical research together to explore the impact of accounting information disclosure on investor protection.In the part of theoretical analysis,this paper reviews and comments the domestic and foreign scholars.Based on the literature investigations,we draw the research direction of this paper:In view of the previous studies on the mechanism of accounting information disclosure to protect investors have been done by a lot of researches,The key of the research is to find the appropriate indicators to measure the level of accounting information disclosure and investor protection.Next,based on the Effective Hypothesis Theory,Information Asymmetry Theory as theoretical basis of accounting information disclosure,and the Principal-Agent Theory and Corporate Governance Theory as a theoretical basis for the protection of investors,this paper illustrates the foundation for the coming research.In the empirical research part,we put forward the research hypothesis.There is a positive correlation between the standard degree of the accounting information disclosure and investor protection level;and as to the quality of information elements,three hypothesis are given:There is a positive correlation between the reliability of information leakage and investor protection level;There is a positive correlation between the value relevance of informationleakage and investor protection level;And as to the timeliness of accounting information disclosure,its correlation between investor protection level is also positive.After that,we give a detailed description of the source of the data and the choice of the sample,setting the relevant variables and building a regression model related to this study.For the variable being explained,the investor protection's substitution variable is the degree of information leakage before and after information disclosure(LEAKAGE).For explanatory variables,this paper constructs the variable of accounting information disclosure from two aspects: the standard degree of accounting information disclosure and the quality of information elements.The annual information disclosure rating of Listed Companies in Shenzhen Stock Exchange(ualQ)is arranged to measure the overall level information leakage;The reliability of disclosed information can be measured by level of the earnings management(DA);The ratio of unexpected annual return to unexpected earnings,which is also called value relevance of annual earnings(REVE),is taken as an indicator of the value relevance of disclosure;And the timeliness of information disclosure is measured in accordance with the difference between the date of disclosure of the annual report of the company and the end of the same year,known as Disclosure lag(Time).In addition,this paper selects six indicators as the control variables:Institutional shareholding ratio(Insti),return on net assets(ROE),firm size(LNAD),growth(Growth),asset liability ratio(Debt)and market risk(Beta).Based on the research hypothesis and research design,we conducted an empirical analysis.Then,we further observed whether the empirical results are consistent with the hypothesis proposed in this paper,and gave a reasonable explanation of the results.The empirical analysis shows that there is a positive correlation between the overall level of the accounting information disclosure and investor protection level,which indicates that high level of the accounting information disclosure can effectively curb the infringement of information asymmetry or other factors made to the interests of investors;In addition,there is a positive correlation between both the reliability and value relevance of disclosure information and the level of investor protection,and this shows that by improving the reliability of the disclosure of information and value relevance and reducing the manipulationof earnings management,the degree of information leakage can be reduce,and then increase the protection of the interests of investors;At the same time,the empirical analysis also shows that there is a positive correlation between the timeliness of accounting information disclosure and investor protection level,which is to say that more timely disclosure of accounting information can reduce the delay effect,so as to protect the interests of investors.Therefore,in order to protect the healthy operation of the Chinese securities market,we should strengthen the information of the stock market supervision,standardize the information disclosure of Listed Companies and improve the quality of disclosure of information elements.