The Research On Accounting Information Disclosure Of Listed Companies In China

In the 1930s, Louis D. Brandeis, the Chief Justice of the High Court in the American, said that"Sunlight is said to be the best of disinfectants, electric light is the most efficient policeman, public is the best remedies for social and industrial disease". In other words, the information disclosure is the public example and foundation of the securities market construction and development. However, since the early 1990s, whether foreign or domestic, a series of financial scandal did not cover the fraud of modern stock market, and the modern stock market does not solve the problem of the information disclosure. Because our country is in the key of economic transition period, frequency of financial fraud and the share price manipulation events, which create the listed company's confidence crisis of the investors. The timeliness of information disclosure of listed company, which is the very important information quality, has become the focus of the investors, academicians and the public attention.There is a close relationship between the disclosure for annual reporting and the information quality. In improving the quality of accounting information and enhancing the credibility and relevance, the timeliness of accounting information disclosure have a significant positive role. At the same time, the timeliness of accounting information also help to reduce the information asymmetry problem between the majority shareholder and the minority shareholder, and play the indispensable role in the protection of investors, especially middle or small investors.This article, on the basis of existing research on the accounting disclosure, includes four main parts, by the sequence from theory to demonstration, and research on the annual disclosure for the year of 2008-2009.Part 1 Introduction: The main part of this article expounds research backgrounds and research methods.Part 2 Theoretical Research: This dissertation used accounting information quality theory, information asymmetry theory, transaction cost theory and corporate governance theory as the theoretical basis of study of disclosure timeliness of accounting information.Part 3 Empirical Research: This part used 2007-2009 yearly data of Chinese A-share listed companies to do some research on the implementation of schedule disclosure of annual financial reporting and on the determinants of disclosure timeliness of annual financial reporting.Part 4 Conclusion: Based on the analyses of the empirical and theatric research, this part proposed policy recommendations and the research prospects.