The Evaluation System:A Study About The Information Disclosure Quality Of Listed Companies Based On Information Disclosure Policies

As a bridge between listed companies and investors,information disclosure can greatly lessing information asymmetry.High-quality information disclosure is conducive to the further development of listed companies and protect the rights and interests of stakeholders.China attaches great importance to information disclosure,and the relevant policies and systems are constantly updated and improved.Securities Law of the people’s Republic of China,Administrative Measures for Information Disclosure of Listed Companies and other policies have been continuously revised and promulgated nearly two years,which clearly highlights the important position of information disclosure in form.More systematic and perfect information disclosure system and detailed and strict information disclosure requirements have always been implemented in the improvement of the quality of information disclosure.Therefore,based on the policy,this study constructs a scientific and objective information disclosure quality evaluation system of listed companies,which meets the guidance and macro requirements of the development of China’s information disclosure policy.It can not only form targeted feedback on the quality of information disclosure for enterprises,but also help enterprises to make practical and effective improvement and promotion,It can also help information disclosure users make accurate and reliable judgments and safeguard their legitimate rights and interests.It also complements the research field of information disclosure and provides new ideas and useful reference.Based on these,the research contents are as follows:Firstly,build a policy based evaluation system for the quality of information disclosure of listed companies.The paper defines the principles of the evaluation system,which are scientific principle,systematic principle,practical principle,comprehensive principle and contemporary principle.The purpose is to get more objective and fair evaluation results through this paper’s evaluation system.Clarify the construction idea based on relevant policies,collect and process policy texts by using text analysis methods such as text mining,three-dimensional depiction of the characteristics of policy texts,and determine the four evaluation dimensions of normative accuracy,information integrity,practical effectiveness and fair reliability in combination with the specific contents of policies,Refine each evaluation dimension,select the evaluation index,and complete the construction of the evaluation index system.It includes one general index,that is,the quality index of information disclosure of listed companies;Four first level indicators,namely four evaluation dimensions;11 secondary indicators,covering the subjects and objects of information disclosure,internal and external perspectives of listed companies,are 11 aspects of the specific embodiment of dimensions and policy requirements;34 three-level indicators are the concrete embodiment and implementation of indicators at each level.This study selects the entropy method to construct the evaluation model,determine the index weight,complete the evaluation system.Secondly,use the evaluation system for empirical analysis.By selecting relevant data such as information disclosure reports of sample listed companies,this paper makes an empirical analysis on the quality of information disclosure of sample listed companies.It is found that voluntary disclosure,shareholding ratio of overseas investment institutions and ecological environment disclosure have a great impact on the quality of information disclosure of sample companies.Obtain the comprehensive evaluation score of the information disclosure quality of the sample listed companies,summarize the change trend of the score,compare and analyze the evaluation results.Thirdly,summarize the current situation of sample listed companies,point out the existing problems of information disclosure and put forward suggestions and countermeasures for reference on how to further improve the quality of information disclosure.The company should continue to follow the listing policies of the sample.However,the information disclosure is not keeping pace with the times.We should grasp the policy trend in time and actively respond to the policy call.The comprehensiveness,that is,the breadth and depth of the disclosure content are insufficient.We should pay more attention to it and improve the innovation and profundity of the disclosure content through two pronged approach.Due to insufficient attention to external evaluation,we should further promote the level of corporate governance in order to win more investors’favor and pay attention to the effectiveness of external supervision.