Research On The Influence Of Ownership Structure On The Quality Of Accounting Information Disclosure Of Listed Companies From The Perspective Of Life Cycle

The capital market is driven by information.It is an important basis for the normal operation of the public company,the scientific decision of the investors and the accurate transmission of the supervision signal.In recent years,the diversification of market players and the trend of information dissemination and networking have overlapped,making up false information and disturbing the order of securities and futures market.The social impact is very bad.The quality of accounting information disclosure is an important issue closely related to investor protection and accounting standards making.At present,the theoretical circles have done a lot of research on the structure of equity ownership and the quality of accounting information disclosure,but the conclusion is inconsistent.There are different indicators of risk,growth capacity and ownership structure among enterprises in different life cycle.Therefore,this paper introduces the life cycle theory to study the influence of the ownership structure on the quality of accounting information disclosure under different life cycle.This paper selects 2011-2016 years motherboard Shenzhen A shares of the listed company data,according to the Dickinson(2006)cash flow combination method to judge the listed company's life cycle,and carried on the classification,from the ownership concentration and equity balance degree two quantitative angle,with the recession as control group the empirical test,empirically tests the relationship between ownership structure and accounting information disclosure quality under different life cycle of enterprises.The empirical results show that:(1)In the declining period,the degree of ownership concentration is proportional to the quality of accounting information disclosure.Compared with the recession period,there is no significant change in the relationship between ownership concentration and the quality of accounting information disclosure;Relative to the recession period,the ownership concentration of growth period weakens its positive correlation with the quality of accounting information disclosure,because the absolute value of the cross item coefficient of equity concentration and growth period is less than the coefficient of ownership concentration.In different life cycle enterprises,the higher the degree of ownership concentration,the higher the quality of accounting information disclosure.(2)There is a reverse correlation between the balance of equity and the quality of information disclosure in enterprises in the decline period.Compared with the recession period,the role of equity balance and the quality of information disclosure in initial period is not changed,and all of them are negatively correlated.That is,in the initial and recession period,the higher the balance of equity,the lower the quality of information disclosure;Compared with the recession period,there is a positive correlation between the equity balance and the quality of accounting information disclosure in the growth and maturity stage,because the cross item coefficient of the two periods of the fictitious variables is significantly positive,which is greater than the absolute value of the equity balance coefficient.In the period of growth and maturity,the higher the balance of equity,the higher the quality of accounting information disclosure.This paper uses literature research,normative analysis,empirical research and comparative analysis to analyze the relationship between stock ownership structure and accounting information disclosure quality of A shares listed companies in China.It reveals the influence of different enterprise life cycle stages,ownership concentration and equity balance on the quality of information disclosure.It explains the validity and limitations of the ownership structure in order to provide a theoretical basis for the listed companies to choose the right shareholding structure at different life cycle stages.