Research On The Influencing Factors Of The Quality Of Information Disclosure Of Listed Companies And Its Relevance Of The Corporate Performance

With the vigorous development of market economy,in order to safeguard the rights of the investors and regulate the securities market,our country puts forward new requirements on information disclosure of listed companies,introduces the "company law","securities law" and a series of laws to standardize information disclosure.But the present situation of our securities market information disclosure is not as good as people's prospect and the laws and regulations is not perfect.For the continuous development of the securities market,how to effectively improve the quality of information disclosure,reasonable guide information disclosure is the current urgently needs to be solved.To study the relationship between the quality of information disclosure of listed companies and corporate performance,is not only emphasizing the importance of information disclosure quality,but also emphasizing how the high quality of information disclosure can improve the governance structure and influence corporate performance.Therefore,how to use the quality of information disclosure to improve company performance and enhance the value of the company has a double meaning of theory and practice.Based on the Shenzhen stock exchange main board companies in 2011-2013 data as samples,this article study the relationship between quality of information of listed companies and corporate performance.In order to understand the concept of quality of information disclosure,this paper firstly analyses the influencing factors of the quality of information disclosure.Then,study the correlation to the quality of information disclosure and corporate performance.Because the corporate performance is made up with financial performance and market performance,in order to study more accurately,this article selects the return on assets and enterprise value indicators,measure respectively the financial performance and market performance.The research shows that:(1)the growth of the company's financial performance,maintaining a relatively low level of financial leverage,high quality auditing opinions issued,and the company larger factors,can effectively improve the quality of information disclosure;(2)As long as the company can maintain the high quality of information disclosure of listed companies,both financial performance and market performance are better.On the research results,this paper puts forward the improvement Suggestions:(1)in order to governance the environment of information disclosure,the company must accelerate optimizing equity structure,strengthen the supervision of the board of directors and enlarge the independent directors proportion;(2)make the company's shareholders and management know the importance of quality of information disclosure;(3)let accounting firm to make the right judgment of corporate financial information and reasonable audit opinion;(4)improve the system of internal control information disclosure regulation and establish a disciplinary mechanism.