Research On The Impact Of Non-Financial Information Disclosure On The Value Of The Firm

Accounting information includes financial information and non-financial information.The traditional decision analysis is based on financial information.With the rapid development of economy,derivative financial instruments emerging in an endless stream and the rapid changes of economic business,the company's business activities are facing unprecedented complexity and uncertainty.The information is a bridge between companies and investors.It can reduce the uncertainty and help investors to make the right investment decision.The financial information used to reflect the capital flow and operation of the company in the past reporting period is lack of timeliness and relevance to the future,which makes it difficult for investors to understand the whole picture of the company's operation.Investors want to receive more information about the company's future development capability.Non-financial information is the complement.As a result,non-financial information began to receive investor attention.This paper selects the GEM listed companies from 2014 to 2016 as a sample,adopts a research method such as induction to review the non-financial information and corporate value,then analyzes the impact mechanism of non-financial information disclosure on corporate value on the basis of theoretical derivation and puts forward relevant hypotheses and empirically designs to test the hypothesis whether is established,at last this paper exams the result and make some policy advices to improve the quality of non-financial information.This paper uses standardized research method to systematically summarize the importance and content of non-financial information disclosure,influencing factors and economic consequences.Combining the theoretical basis and the mechanism of the impact of the analysis,establish the theoretical model and make assumptions.Empirical analysis method is adopted in this paper to analyze the impact of non-financial information disclosure on the enterprise value of GEM by means of serval analysis and robust test.Through theoretical analysis and empirical test,the main results obtained in this paper are:(1).GEM companies have a positive correlation between the impact of corporate non-financial information disclosure and corporate value;(2)investments can be obtained by disclosing more non-financial information which leads to corporate value increasing;(3)the larger,more stable development of mature enterprises in view of the principle of confidentiality is not willing to disclose more non-financial information,therefore,non-financial information disclosure and the scale of enterprise assets are in inverse ratio.