The Study On The Market Information Disclosure Of Listed Companies Of Biological Assets

In the current context of rapid economic development,the level and quality of accounting information has become an important factor in China's capital market.Accounting information disclosure to the stock market will pass out a variety of signals for investors to understand the impact on all aspects of listed companies,which related to the sustainable development of national and regional social economy.Relevant information disclosed in the main body of accounting information,the biological assets belonging to a particular type of resource assets,is an important asset involved in forest enterprises.Since China promulgated the biological assets accounting standards,and how to disclose relevant information on biological assets start to become a popular topic.Because biological assets accounting recognition,measurement and disclosure of information are different from other general assets,especially for biological assets disclosure of information in terms of this particular asset,how the information is disclosed in accordance with its own peculiarities;What kind of impact as well as different ways and level of detail will have to disclose the company's development;What kind of impact will the capital market information disclosure produce biological assets;and so on.Based on this background,the research focuses on Chinese listed companies in the information disclosure quality biological assets and market effects study the issue.In this paper,event study,multivariate regression and descriptive statistics methods on the market effect of corporate information disclosure of listed assets of biological research,Firstly,disclosure of information on biological assets is based on the theory of market effects for analysis;Then based on 2007-2013 biological assets accounted for a large proportion of the assets of the annual reports of listed companies and stock prices,market selection effects produced on behalf of the variables,the analysis of biological assets market effect of information disclosure;Finally,according to the statistical results to reach appropriate conclusions and recommendations.The main contents of this paper covers the following aspects:Firstly,Recalling the definition of scholars biological assets,biological assets,information disclosure,information disclosure documents and other aspects of the market effect,Considering asymmetric information theory,signaling theory,agency theory and capital efficient market theory is the theory of biological assets underlying market disclosure of information generated effects,and the correlation of theoretical analysis.Secondly,according to biological assets accounting standards,the main indicators of biological assets design information disclosure,disclosure of information in accordance with the principles of biological assets market effect hypotheses,analysis of the effect it produces on the stock market,and improving the theoretical idea of the results of this study.Based on research methods,multivariate regression analysis to verify the assumptions established in this article,the results are analyzed according to the statistics,obtaining information listed companies to disclose the biological assets was a significant positive correlation between quality and market effects,and propose enterprises to raise awareness of biological assets,information disclosure,government should strengthen and improve the information disclosure system of biological assets,Investors should shift investment philosophy,rational and efficient investment and so on.