The Impact Of Public Fund On-the-spot Investigation On Information Disclosure Violations Of The Company

At present,public funds have become the main force of institutional investors in China's capital market.Public fund companies have abundant investment funds,professional investment analysis talents and rich information access channels.Regulatory agencies generally believe that public funds,as the representative of rational investors,contribute to improving the level of corporate governance and promoting the stable development of the capital market.Field research is a very important way for public funds to obtain the information of the target company.Through the research,public funds can observe the project progress,the company's daily production status,research and development situation on site,so as to obtain the company's information more comprehensively.Information Disclosure Violation is a kind of self-interest behavior that executives intervene in the process of information disclosure in order to hide the bad news of the company and cover up their bad performance.It will have a very adverse impact on investors and financial markets.So,can public funds have an impact on the company's information disclosure violations through field research? Therefore,based on the research of the heterogeneity of public funds,this paper studies the impact of the field research activities of public fund companies on the company's information disclosure,and discusses the impact of the heterogeneity of public fund companies on the relationship between the field research activities and the information disclosure violations of listed companies from the two aspects of the shareholding and reputation of the public fund companies.By studying these problems,we can make clear the role of on-the-spot research of public fund companies in information disclosure,so as to better guide public fund companies to carry out research activities and promote the stable development of the capital market.On the one hand,this paper enriches the relevant theoretical research of corporate governance,on the other hand,it is conducive to promoting the public fund companies to play the role of supervision and governance through the field research of listed companies.Based on the data of Listed Companies in Shenzhen Stock Exchange from 2013 to 2017,this paper draws the following conclusions through a series of empirical tests.The on-the-spot investigation activities of public fund companies have a negative correlation with information disclosure violations of listed companies,and furtherfinds that long-term public fund companies have stronger supervision willingness than short-term and non shareholding public fund companies,and their on-the-spot investigation can It has a more significant inhibitory effect on the company's information disclosure violations.While the short-term and non shareholding public fund companies have no obvious effect on the company's information disclosure violations.If there are high reputation fund companies among the public fund companies that investigated the listed companies in that year,the field research activities have a more obvious inhibitory effect on the company's information disclosure violations.Based on the conclusion of the study,this paper proposes to improve the quality of information disclosure by encouraging the field research of public funds,guiding companies to attach importance to investor relationship management,and strengthening the supervision of information disclosure of investor research,so as to promote the healthy and stable development of China's financial market.