The Empirical Study On Disclosure Quality Of Listed Companies In China

With our Chinese capital market being head for the maturity gradually, the disclosure quality of listed companies received extensive concern. It becomes the hot topics of theoretical study and the focus of the public and manager. In this paper, according the listed companies' annual reports, we establish a system that is accordance with practical case. This system is positively correlated with corporate governance and could quantify the disclosure quality of listed companies. This system could satisfy the theoretical study as well as the public and managers' practical need.First of all, we have a review on the domestic and overseas related research about the disclosure quality and corporate governance. And then, we analyze the current situation of the disclosure quality of listed companies of Chinese and the correlated countermeasures. Thirdly, we analyze the correlation between the disclosure quality and corporate governance. Finally, in the course of the establishment of evaluated system of the disclosure quality of listed companies, this paper chooses 34 indexes in 4 aspects that are duty statement, finance and manage, interior auditing and corporate governance configuration. Our Chinese listed manufacturing companies' Annual Reports of 2004 are chosen as the samples. We evaluate and mark the sample firms' disclosure quality and then we use expert evaluating method to evaluate the importance of duty statement, finance and manage, interior auditing and corporate governance configuration. Combined with analytic hierarchy process (AHP), we could work out relatively weight of each index. We order the weighted scores which have been evaluated. There is a research result on 2004 Corporate Governance Evaluation which is concerning stockholder equity, operation of the board of directors, incentive mechanism, information disclosure, involving four systems, twelve aspects, one hundred and eighteen indexes. We do paired sample test between this result and the result that has been evaluated by the disclosure quality of listed companies. There was no significant difference between the two groups as the conclusion. As a result, it could be proved that the evaluated system of the disclosure quality of listed companies is feasible and could be adopted by theoretical study, the public and manager by this conclusion.