Studies On The Relationship Between Corporate Governance And Disclosure Quality In Chinese Listed Companies

At present, corporate governance is a popular topic. we can see massively related media reports, conferences as well as the new laws and regulations issued frequently. In 1997 ,the financial crisis in Asia erupted, this caused highly attention are paid to the problem of corporate governance in the worldwide scale and an international tide of improving company governance formed. In our country,the research to the problem of corporate governance started with the reform of state-owned enterprises, but what causes the market investor, scholars and the regulatory authority's attention truly stems from the stock market behind-the-scenes plotting which emerged one after another incessantly in recent years. In June, 2001, the stock prices lowered largely and shook continually, the general investors have suffered heavy loss. Although the reason is various, but the quality of accounting information of listed companies in our country is no thigh is in vogue the strength . Without doubt,the listed companies' male letter strength drops is in the first place. And it has very realistic meaning in Promoting our securities market to keep on healthful development and protecting the legal rights of large investor in the end.This text draws lessons from intemational general research method, on the foundation of the analysis as to present domestic and intimational researeh, differentiates and definitizes related concepts on corporate govemance, information disclosure,divides inside and outside parts of corporate governance into two levels including the capital structure and organization structure. The text does theory analysis on influence of every mainly constituted part of corporate governance to quality of information diselosure from two levels including capital structure and organization structure of listed companies, then does positive analysis,using parts of listed companies as sample. In the positive analysis, establishes the relation model basing on the database of the sample, carries on analysis by the method of description statistics, regression etc. The conclusion manifests corporate govemance has direct influences to quality of information diselosure, the influence produced by capital structure shares a main position, and the negative influence that the state-owned stock is largest and is not permitted flow is biggest.How do we change the condition of information disclosure made by listed companies of our country, and exalt effect of diselosure? In the end this text gives related suggestions,put forward some countermeasure that perfecting governance is one of the main paths which improve the quality of information disclosure. And after reform on flow problem of stocks,the listed companies still need further adjusting capital constitution, decreasing concentration degree of share owner ship, increasing independence,management etc. of board of directors,supervisor.