Efficiency Analysis Of Information Disclosure Of Chinese Listed Companies

Since the sequent establishment of Shanghai Securities Exchange in 1990 and Shenzhen Securities Exchange in 1991, Chinese securities market developed quickly. With the development a great deal of capital has been collected to support economic increasing and the reform of stat-owned enterprises. And also, the securities market play an important role in establishing of modern-enterprise mechanism, transform of economic structure, extension of invest channel, etc. In the period, stock market does well in scale and trading methods.However, there are some problems in the securities market, such as poor quality of listed companies, weak protection of investor' benefit, unsuitable market structure and so on. Among those problems, false information disclosures are serious especially. For example, after 2001, a series of great malpractices in information disclosure were discovered. That leaded to credit crises of stock market and listed companies. And those events draw people's attention to the issue about information disclosures of listed companies.Stock market is a informational market. Efficient information disclosure is the basis of investors' making correct deciding and capital allocation. So that the market can guide resource flow to those most efficient enterprises, and come to optimum capital allocation. Also, correct and standard information disclosure embodies the rule of equity and justice, and can protect investors' benefit efficiently, enhances their faith. On the contrary, false information disclosures disobey the rule of equity and justice, destroy investors' benefit and faith, and cut down the market's efficiency.This paper points out the problems of information disclosure, and brings forward some suggestions about how to enhance the effectiveness of information that disclosed by listed companies.Introduction begins. This part mainly introduces the research background, the meaning, the content of the paper, The first chapter is about the theory research of information disclosure of Chinese listed companies. This chapter is made up of three aspects: the summary of information disclosure system of Chinese listed companies; the Efficient meaning of information disclosure of Chinese listed companies; the literature summary of information disclosure of Chinese listed companies.The second chapter analyses the main problems of information disclosure efficiency of Chinese listed companies. This chapter is made up of three aspects: the problems of information disclosure integrality of Chinese listed companies; the problems of information disclosure authenticity of Chinese listed companies; the problems of information disclosure timeliness of Chinese listed companies.The third chapter advises how to improve the efficiency of information disclosure of Chinese listed companies. This chapter is made up of three aspects: improving the information disclosure from Chinese listed companies; improving the information disclosure from Chinese intermediary organization; improving the information disclosure from Chinese regulatory organization.