An Empirical Study On The Effectiveness Of Information Disclosure Quality Assessment And Influencing Factors

Information disclosure not only directly affects the transparency of securities market,but also is the key basis for investors to make investment decisions.However,domestic literature studies generally use the evaluation result of Shenzhen Stock Exchange as the proxy variable of the quality of information disclosure,which is short of timeliness and differentiation,and biased between subjectivity and aggregation effect.All these problems will affect the accuracy of information disclosure quality evaluation.VPIN index can effectively describe the level of information asymmetry,measure the amount of information in the securities market,and has the characteristics of measurability,timeliness and objectivity,which solves the problems existing in the evaluation results of SZE.This article selects 2011-2015 in SZE listed company related data,analyze information disclosure quality evaluation,the introduction of the SZE for examination and assessrment of the results and characterization in the secondary market information asymmetry degree of probability of informed trading market(VPIN)to measure the quality of information disclosure,based on corporate governance,financial status and influence of the external environment three aspects using Ordered Logistic regression model and fixed effects regression model to explain the factors influencing the quality of information disclosure,so as to compare the SZE information disclosure evaluation results and the effectiveness of the probability of informed trading(VPIN)market,The empirical results show that(1)VPIN has a better ability of scale information disclosure quality than SZE evaluation results;(2)companies with reasonable equity structure and binding interests of management and shareholders will have better information disclosure quality;(3)companies with high profitability,large scale,low leverage ratio and no delisting pressure have better information disclosure quality;(4)there is a significant positive correlation between the degree of marketization in the region where the company is located and the quality of information disclosure.The possible innovations are as follows:the introduction of market informed trading probability(VPIN)to measure the quality of information disclosure enriches the way to measure the quality of information disclosure;The second is to compare and analyze the effectiveness of information disclosure quality substitution variables,which has the double significance of theoretical research and practical application.The third is the integration of information disclosure quality factors model.