Enterprise Core Competitiveness And Information Disclosure Quality

In the process of deepening the reform of capital market,the information disclosed by enterprises to stakeholders plays a key guiding role.How to improve the quality of corporate information disclosure and reduce the degree of information asymmetry has attracted increasing attention.As an important driving force for enterprise development and market competition,will core competitiveness influence executives to adopt completely different information disclosure behaviors while helping enterprises to obtain lasting competitive advantages? And how to affect the quality of information disclosure of enterprises? How should government regulators and other stakeholders view the relationship? This thesis has carried out an in-depth study on these problems.This thesis selects the data of listed companies in Shenzhen Stock Exchange from 2012 to 2021 as the sample,takes core competitiveness of enterprises as the entry point,examines the relationship between its influence on the quality of information disclosure,and not only discusses the influence of core competitiveness on the comprehensive index of corporate information disclosure.The influence of core competitiveness on information disclosure index of different dimensions(earnings smoothness,accounting information comparability)is also deeply studied.On this basis,this thesis further explores the influence mechanism of core competitiveness on the quality of information disclosure,and finds that business risk and agency cost play part of the mediating effect in the positive correlation between core competitiveness and the quality of information disclosure.Through the combination of normative analysis and empirical inquiry,this thesis draws the following conclusions:(1)An enterprise’s core competitive advantage can promote an enterprise to improve the quality of information disclosure,and it mainly influences the quality of information by reducing the smoothing of earnings and improving the comparability of information.(2)Business risk plays a partial intermediary effect between core competitiveness and the quality of information disclosure,that is,core competitiveness improves the quality of information disclosure by reducing business risks.After using instrumental variables to solve the endogeneity,changing the core competitiveness index and shortening the sample interval for robustness test,the main research conclusions remain valid.In further analysis,this thesis explores the moderating effects of auditor industry expertise and market competition on the relationship between core competence and disclosure quality,respectively.It is found that the higher the level of auditor industry expertise,the more beneficial to improve the core competitiveness of enterprises and the quality of information disclosure of the positive correlation;The fiercer the market competition,the more motivated enterprises with core competitive advantages are to improve the quality of information disclosure.Based on the empirical results,this thesis puts forward four policy recommendations:First,further deepen the market reform,promote the effective allocation of resources,and actively promote enterprises to build core competition barriers.Second,we should attach importance to the influence of digital transformation on the internal and external governance of enterprises,and pay attention to the establishment and maintenance of network relations,so as to realize network interconnection and reduce the degree of information asymmetry.Third,the concept framework of disclosure of core competitiveness of listed companies should be established as a guide,and the characteristic information base of different industries should be paid attention to and constructed.Fourth,strengthen the auditor training,increase the frequency of internal exchanges,reflect the quality-oriented culture,and effectively improve the audit quality.