Empirical Study On Factors Influencing The Quality Of Information Disclosure Of GEM Listed Companies

Acting as a bridge between enterprises and the public,information disclosure of the listed companies has always been widespreadly concerned.The quality of information disclosure affects the investment decisions of information users and the high quality information disclosure is beneficial to protect the rights and interests of investors.Growth enterprises market(GEM)of China officially launched in 2009.Small scale,short existed time and some other factors leeds to more uncertainties and greater risk.Therefore,the regulatory departments of our country require a comprehensive disclosure of GEM listed companies to ensure the quality of information disclosure of GEM listed companies.With the empirical study on influence factors of information disclosure quality of China's GEM listed companies,this paper puts forward some suggestions to improve the quality of information disclosure of GEM listed companies,expecting to enrich the theoretical research in the field of information disclosure quality of China's GEM listed companies and providing some methods for GEM listed companies to improve the quality of information disclosure.Based on theories like the information asymmetry theory,principal-agent theory and signal theory and some research methods and conclusions of relevant literature at home and abroad,this paper analyzes the influence factors from the external environment,corporate governance and financial situation considering the special reseach background of our country and the characteristics of GEM listed companies.There are 355 companies successfully listed on the GEM at 2012,so this paper collects total 710 samples of 2012 and 2013.Then this paper puts forward hypothesis from the external environment,corporate governance and financial situation three aspects with fourteen influence factors and gets the empicical results by the regression method.The results indicate significant effects of the supplementary notice number,types of punishment,the audit opinion,company size and profitability,and also demonstrate no significant effect of area differences,accounting firm reputation,ownership concentration,the proportion of independent directors,the two posts together,supervisors scale,supervisors shareholding ratio,solvency and operating capacity.Finally,according to the research results,this paper put forwards four relevant recommendations to improve the quality of information disclosure of GEM listed companies,including reduction in the supplementary notice,compliance with disclosure rules,standardizing the accounting treatment and improving the management level.