Empirical Study On The Influence Of Exterior Governance To The Quality Of Accounting Information Disclosure

High layer information disclosure can reduce information asymmetry of the stock market, and decrease transaction cost which caused by investor monitoring and searching information related decision making. In this way, market efficiency and the social welfare will be increased. Thus, standardizing the information disclosure system and perfecting information-disclosing system are useful to improve investment environment, protect the interests of investors and promote the development of the stock markets and company oneself. Studying on the quality of accounting information disclosure in the angle of exterior governance and finding the external factors which affect accounting information disclosure have great value in theory and practical significance.This text adopt the method of demonstration and contribute factors for the quality of accounting information disclosure. Firstly, by means of summarizing related researches of current situation, this thesis takes the theory of entrust agency, theory of efficient market hypothesis, stakeholder theory and signaling theory as theoretical foundations, and a careful analysis has been made to the factors for the quality of accounting information disclosure. Secondly, this paper discusses the hypotheses in the aspects of market administration, government administration, social administration and creditor administration. It selects 1328 list companies to 2005-2007 Shenzhen stock market to disclose all the data and logistic regression was performed to inspect the influence of Exterior governance to the quality of accounting information disclosure. Finally, related policy and suggestion on accounting information disclosure will be provided.The main place of innovation of this paper is:(1) This text tries to adopt the method of demonstration and contribute factors for the quality of accounting information disclosure. At present, related research results are rare and most results are obtained on a certain aspect of internal governance or of exterior governance. Systematic research results are seldom.(2) Considering the feature of dependent variable and independent variable, two logistic regression analysis was performed. Meanwhile, the text set variable in market, government, social and creditors. This is rarely the research. The results show that the quality of accounting information disclosure of listed companies in Shenzhen market comes down every year from 2005-2007. Quality of accounting information disclosure is significantly affected by output competition, managers, intervene of government, law environment, auditing opinion, and creditors.