Research On The Relationship Between Information Disclosure Quality And Growth Of Listed Companies From The Perspective Of Legal Environment

As a large proportion group in the capital market,public information disclosure actions are getting more and more attention from all kinds of themes,who will pay close attention to the relevant data and other information disclosed by companies in order to maximize their profits can influence their own growth by affecting the behavior of all kinds of stakeholders.Meanwhile,the legal environment,as one of the external environment related to the development of listed companies,can protect the daily operation behavior of the company.However,in regions with different legal environments,stakeholders' attention to the information disclosed by enterprises and the credibility of the information itself may also differ,therefore,it has a different impact on the relationship between the quality of information disclosure and the growth of the company.Listed companies are also a major player in a large group of market economies and play an important role in promoting economic development.Based on this,this paper combines the three factors of legal environment,information disclosure quality and corporate growth for empirical analysis to explore the interaction mechanism between these three factors,which is of great importance for the healthy development of enterprises.This document takes 6,168 listed enterprises in Shenzhen from 2017 to 2020 as targets for examining the relationship between the quality of disclosure and business growth in terms of the legal environment.It is concluded that: improving the quality of information disclosure is beneficial to improving the growth of enterprises,but improving the quality of information disclosure of non-state-owned enterprises is better than that of state-owned enterprises.Meanwhile,at better legal environment,the stronger effect of improving the quality of information disclosure on the promotion of enterprise growth.Improving the legal environment is conducive to the improvement of enterprise growth,and the improvement of the legal environment in the region where the non-state-owned enterprises are located has a stronger effect on the enhancement of enterprise growth than that of state-owned enterprises.Further,this document argues that enterprises should improve the quality of information disclosure,the SFC and other authorities should strengthen supervision and sanctions on the quality of disclosure,and the government should continuously improve the legal environment of each region to improve the quality of information disclosure in various aspects in order to promote the growth of enterprises and make them develop healthily and stably in a sustainable manner,thus contributing to the construction of China's capital market.