An Empirical Study On The Impact Of Corporate Governance On The Quality Of Information Disclosure Of Listed Companies In China

Disclosure of corporate information is an important communication channel for the company to spread the information of the company to the general public and investors,which helps the stakeholders of the company to make the right choice according to the information disclosed.To improve the quality of information disclosure of listed companies,can better meet the requirements of stakeholders.Because of such an important role,domestic and foreign scholars have conducted in-depth and extensive research on it from different angles in recent decades,and achieved rich theoretical results.Since the birth of China's capital market in 90s last century,it has made great progress after nearly thirty years.However,in the process,some listed companies selectively disclose information to the majority of investors in order to maximize their own interests,thus misleading investors to make investment choices.The information disclosure of listed companies of low quality,not only hurt the Chinese investors in the investment confidence,reduce the effectiveness of China's capital market in the long run,but also to some extent hindered the improvement of national economy in china.Therefore,this paper selects the Shenzhen Stock Exchange from 20]1 to 2016 listed on the main board of the company's information disclosure evaluation results as the sample data,as the explanatory variable of the quality of information disclosure of data sources,respectively from the ownership characteristics,characteristics of board three factors such as level,and the company's financial characteristics,industry characteristics as control variables these studies,explained variables to explain the influence.The empirical analysis result shows that the effect of ownership concentration,ownership property and other factors and the quality of information disclosure showed positive correlation,and this relationship was significant,and the effect of equity balance degree and other factors and the quality of information disclosure has negative correlation,and this correlation was also significant,the proportion of independent directors,two.One,the number of meetings of the board of supervisors,the proportion of the board of supervisors and other factors on the quality of information disclosure is not significant.At the same time,we found that in the empirical analysis,quality showed significant positive correlation between the scale and the information disclosure control variables,financial leverage level and the quality of information disclosure showed a significant negative correlation,and the information technology industry than the information technology industry to a higher level of quality of information disclosure,and through the test of significance,the company's profit and has no effect on the quality of information disclosure of listed companies through the significant test.