The Research Aboutthe Impact Of Information Disclosure Qualityon Corporate Value

The securities market developed steadily in the course of procedure standardization.And the reform of the registration-based system of share offering has been put on the agenda,the key of the implementation of registration-based mechanism is to solve the information disclosure problem.Listed companies should provide truthful,complete and accurate financial information,business conditions,development planning and other important information to the market participants in a timely manner,so that the market participants can form a correct investment decision-making by analyzing those information,and to some extent,it also reflects the market value of listed companies.With the standardization of the securities market,the regulators have formulated a series of laws and regulations,and put forward higher requirements for the information disclosure of listed companies.High qualities of information disclosure not only can help users to make reasonable investment judgments,reduce investment risk,but also can help listed companies to create a good social image,improve the social status of enterprises,reduce financing costs,and ultimately enhance the value of the company.The article is divided into five parts:The first part is the introduction,mainly introduces the related literatures about the research background and significance,the research content and methods,and the information disclosure.The second part is the related concept and theoretical overview.It mainly introduces the concept and measurement methods of the information disclosure quality and the corporate value,expounds the theory of information disclosure,and analyzes the transmission mechanism which information disclosure affects enterprise value.The third part is to introduce the status quo and problems of information disclosure of listed companies.It mainly introduces the structure and principle of information disclosure of listed companies,analyzes the situation and irregularities,and points out the problems of information disclosure.The fourth part is an empirical study of the impact of the information disclosure quality on corporate value.We choose pharmaceutical manufacturing industry as samples,measure the company value with the return on total assets,and choose rating results to measure the quality of information disclosure,and hold the asset-liability ratio?the operating income growth rate? the size of the company? the proportion of the firstten shareholder andthe proportion of independent directors as the control variates,establish a multiple regression model,and then use the Eviews software for regression analysis.The results show that the information disclosure quality has a significant positive correlation with the corporate value.And last,the fifth part summarizes the empirical results,and makes suggestions to improve the information disclosure quality of listed companies by combining with the currentsituation in China.