The Transparency Of Listed Companies' Financial Research

under the background of Chinese capital market and on the basis of financial transparency of listed companies, this paper followed the logic way of thought, that is, financial information development——financial information disclosure——financial information transparency, and systematically studied the financial transparency and its practical problems.Besides the introduction, the whole paper had four chapters. Their main ideas were as followed.I the theoretic basis of financial transparency and the steps of its realization.This chapter rearranged the related theory on financial transparency, put forward its definition, analyzed its aim and finally discussed the steps of its realization .the main ideas of this chapter was as followed.1. Not all enterprises needed financial transparency, that is, it is unnecessary for the old enterprises whose ownership and management were connected. However, the modern enterprises whose ownership and management were separated really called for financial transparency .in fact, the financial transparency was the product of the separation of their ownership and management. The financial transparency was so important for the listed companies that it was not only the basic but also the highest requirement for the listing companies to enhance financial transparency.2. The limited ration of investors and the dealing expenses made the informative asymmetry necessary, while the informative asymmetry led to the problems of financial transparency. Thus, the improvement in financial transparency can timely and completely disclose the hidden information, ease the problems from informative asymmetry, eliminate the state of low effectiveness and disorder from converse choice and moral risk, and then advance the effectiveness of capital market.