Research On The Influence Of Internal Governance Structure Of GEM On The Quality Of Accounting Information Disclosure

Our capital market is an emerging market,and many imperfections are existed compared with the developed countries due to the establishment shorter,so financial fraud cases happened frequently.International Securities Commission discovered that the main reasons why financial fraud cases happened frequently are capital market's weak regulation,low efficiency and imperfection of internal corporate governance after investigating the cases.Also,the later are more concerned by the academic circles.Most scholars focus on the ownership structure,the board characteristics,the characteristics of the board of supervisors and management characteristics when study the influence of internal governance structure on the quality of accounting information disclosure from the existing literature and the main objects are Motherboard or Small board,lacking of research on the GEM and sub-industry.The healthy operation of the GEM is essential as an important part of the capital market,so,this paper selects the non-equilibrium panel data of 2010-2015 from the whole GEM and the sub-sectors(including the software information technology industry,the computer communication industry and the instrument industry)to study the influence of internal governance structure on the quality of accounting information disclosure.First,this paper describes the selection of variables and analyzes the variables.Through the analysis of the quality of accounting information disclosure,the paper finds that the disclosure of the whole GEM is of good quality,instrument industry is highest,followed by the computer communications industry,the software information technology industry is low,and lower than the overall level of the GEM;There are shortcomings in the internal governance structure of the GEM: although the number of independent directors,the number of board meetings,the size of the board of directors are in line with the relevant requirements,the ownership structure is unreasonable,equity balance is poor and the phenomenon of the joining together of two jobs is serious,Only about two-thirds of theoptimal number of executives,and large difference is existed among secretaries tenure.Then,this paper analyzes the influence of internal governance structure on the quality of accounting information from the perspective of the whole industry and the sub-industry.Through the empirical analysis,the paper finds that the impact of internal governance on the disclosure is not exactly the same in different industries.As for the whole,the joining together of two jobs have a negative impact on the disclosure,the number of board meetings,the size of the board meeting,the proportion of independent directors and the tenure of the directors have a positive impact on it.As for instrumentation equipment industry,the influence is the same with the whole in the joining together of two jobs,the meetings,the size of the board meeting and the secretaries tenure,the difference are that the gender has a positive impact on disclosure,and the independent directors is not significant;As for the computer communication industry,the influence is the same with the whole in the meetings,the proportion of independent directors,and the secretaries tenure,the difference are that the ownership structure has a positive impact on disclosure and the effect of the joining together of two jobs is not significant;As for the software information technology industry,the influence is the same with the whole in the joining together of two jobs,the meetings and the proportion of independent directors,the difference are that the gender has a positive impact on disclosure,the size of the board meeting and secretaries tenure have no significant effect on disclosure.Finally,this paper puts forward some policy suggestions to improve the internal governance structure and the quality of accounting information from the perspective of the whole industry and the sub-industry respectively according to the variables analysis and empirical results.