Research On The Deficiency And Perfection Of Information Disclosure Of Notes To Accounting Statements Of Listed Companies In China

Information disclosure of listed companies is an important foundation to improve the market efficiency,to meet investor demanding for information and to protect investors.The full disclosure of accounting statements will bring benefits in the micro and macro level,the market is conducive toward the development of a more effective direction;help to reduce agency costs;help to reduce the information asymmetry between investors,in particular,be able to change the information disadvantage of the small and medium investors who rely mainly on public information to make investment decisions,so become an effective means to reduce transaction costs.In today's knowledge economy era with rapidly changing of technology and information explosion,information needs about notes to financial statements of users has changed,users take more and more attention to non-traditional financial and non-financial information,In particular,forward-looking information and uncertain information.At present,the disclosure of such information is clearly insufficient,it is necessary to improve the disclosure of such information.Disclosure of forward-looking information mainly include the operating environment information,social responsibility information and information about risk,disclosure of uncertain information mainly include security information and information about derivative financial instruments.Environmental factors which affect listed companies mainly include general macroeconomic environment information and industry environment information,the social responsibility of listed companies include responsibility for the staff,market responsibility,responsibility for the environment and responsibility to the community,The types of risks and measures to cope with risks are the most important risk-related information,guarantee information include interests,risk and the implementation of guarantee,the risks and corresponding management measures of derivative financial instruments are also important.Improving the information disclosure in the notes to the financial statements should try to meet user information needs and to improve market efficiency,information disclosure should adhere to the principles-based,consider the cost-benefit trade-offs,take attention to the boundary of the Notes and other reports and the boundary of accounting recognition and disclosure,importantly consider intelligibility.