Positive Study Of Information Disclosure Violating Behavior

Since entering 21st century, Chinese security market meets the regression. The important factor leading this regression is the violating regulation of information disclosure in Chinese stock market from the limited corporation. Such events reduced the efficiency of stock market and the degree of investor' s protection. Therefore, to find the defaults of Chinese information disclosure and improve the information disclosure system can help to invoke the market.In this paper it first introduces the basic theory of information disclosure, then analyzes the current situation and characters of information disclosure violating behavior from limited corporations in Chinese security market. Based on the triangle theory of enterprise cheating, it brings the reasons why in Chinese security market so many limited corporations have such behavior. Through theses reasons, it starts the positive study of the factors, which influence the decision to violate the information disclosure. This paper takes the condemned limited companies, which violated the regulation of information disclosure in Chinese stock market from January to August 18 in 2005 as the sample. According to the revised protection model of investors, it can induce some important factors such as the structure of stock holder, Return on Equity, net cash of each stock and so on. It chooses these elements as the independent factors, through the stratified random sampling and imports the non-condemned listed companies in the same period as partnership samples. Then using the Logistic Regression to analyze the real reasons why listed companies violate the information disclosure. At last, according to the result from positive study it brings some instructive suggestions to improve the system of information disclosure.