Based On Institutional Perspective:Study On The Influence Factors Of Information Transparency Decision-making In GEM

The establishment of Sci-Tech innovation board and registration system has raised new challenges to the information transparency of capital market,so the information transparency with the timeliness,relevance and reliability of public disclosure has aroused wide concern in the academic circles.However,the low information transparency of listed companies is a common problem in China’s capital market.Compared with the main board market,GEM companies’ positive initiative and willingness to improve the transparency of information is obviously insufficient.By compiling the information evaluation results of Shenzhen-listed companies in 2011-2018,this paper finds that in the main board market of Shenzhen Stock Exchange,the average annual value of the number and growth rate of enterprises that decide to increase information transparency is 14.26% and 19.13% per year,respectively.The annual average of the proportion and growth rate of enterprises that improve the information transparency in the GEM market is only 10.01% and 2.39%,which is significantly lower than that of A-share listed companies.It can be seen that in-depth exploration of the core factors that motivate GEM listed companies to make quicker decision to improve information transparency so as to build a high transparency capital market,is the urgent problem to be solved in reality.Therefore,this paper will construct a new institutional interpretation framework based on the Theory of Legitimacy,New Institutional Theory and Institutional Isomorphism Theory,analyze the institutional mechanism and internal mechanism that influences the decision-making of information transparency,and provide theoretical guidance and practical suggestions for the research of transparency decision-making of GEM companies.First of all,this paper summarizes the literature on the concept and measurement methods of information transparency,and institutional mechanism classification,and puts forward the definition of information transparency concept,measurement method and system mechanism classification.At the same time,this paper reviews the existing literatures based on signal transmission theory,principal-agent theory and external supervision hypothesis on the influence factors and institutional mechanisms on enterprise decision-making behavior,and puts forward the research perspective and innovative points of this paper.Secondly,a detailed description to the research basis of this article: The Theory of Legitimacy,New Institutional Theory and Institutional Isomorphism Theory,and the construction of the new institutional interpretation framework is based on the above theory.Di Maggio and Powell’s classification of the institutional mechanism is used to divide the institutional mechanism into the coercive isomorphism,normative isomorphism and imitative isomorphism institutional mechanism,and to analyze the driving role and mechanism of the institutional mechanism on the information transparency decision of GEM listed companies,thus this paper puts forward the research hypothesis that the coercive isomorphism,normative isomorphism and imitative isomorphism institutional mechanism can stimulate enterprises to make decisions rapidly to improve information transparency,and imitative isomorphism institutional mechanism plays an intermediary role in the influence of coercive isomorphism,normative isomorphism institutional mechanism on information transparency decision-making.Furthermore,select GEM listed companies that have never improved information transparency in 2011-2018 as the research objects,and draw on Shen Hongtao’s indicators(2016)to measure the decision-making of social responsibility reporting,select the natural logarithm of the risk probability of the enterprise that has never improved information transparency at the initial decision-making year which is(Ln [h(t)]),to measure the interpreted variable(information transparency decision-making).And select the supervision strength of the CSRC and Shenzhen Stock Exchange,the securities analyst rating and the industry benchmark enterprise information transparency decision as the alternative variables of the coercive isomorphism,normative isomorphism and imitative isomorphism institutional mechanism,and empirically test the research hypothesis of this paper by means of intermediary effect test method and Cox proportional risk model.Finally,the following conclusions are drawn:First,the coercive isomorphism institutional mechanism formed by the supervision of the CSRC and Shenzhen Stock Exchange,the normative isomorphism institutional mechanism formed by securities analysis and rating and the imitative isomorphism institutional mechanism formed by imitating the decision-making of industry benchmark enterprises can encourage GEM listed companies to decide to improve information transparency more quickly.Second,the coercive isomorphism institutional mechanism has the strongest impetus to transparent decision-making on information(2.29 times),followed by the imitative isomorphism institutional mechanism(1.18 times),and the normative isomorphism institutional mechanism is weakest(1.03 times).Third,the supervision of the CSRC and the Shenzhen Stock Exchange will encourage other companies that imitate the decision-making behavior of benchmark companies to take the initiative to improve information transparency by forcing industry benchmark companies to decide to improve information transparency.According to the conclusion of the study,this paper makes suggestions from the perspective of government and enterprise.For the government agencies: First,accelerating the process of the constitutionality in information transparency,and forming an effective supervision and regulatory mechanism.Second,guiding securities analysts to improve the ability to evaluate information transparency,to impose positive influence on information transparency decision-making.Third,creating a market atmosphere to improve information transparency,establishing information transparency model enterprises.For the enterprises themselves,on the one hand,they should give full consideration to their own position,make decisions on information transparency in line with reality.On the other hand,they should pay attention to the role of institutional mechanisms and consciously improve information transparency.