A Study On Chinese Listed Companies Information Transparency

Capital market is a property rights trading market. As an important commodity, securities depend on full disclosure of information, use it as pricing basis. Continuous and full information disclosure is the basis obligation of listed companies and main duty of management. Corporate information transparency has great influence on capital market efficiency. In recent year, the occurrences of several financial scandals have made information transparency to be attention focus of academy and practice.Over the past two decades, Chinese Stock Market has got great achievement, it plays an important role in the socialist economic construction. However, there is large distance between Chinese Stock Market and mature markets of Western. Corporate information disclosure is not yet complete whether from system construction perspective or implementation perspective. The occurrence of illegal information disclosure and insider dealing impede the development of the stock market. Thus, promoting and regulating Chinese listed corporate information disclosure, improving the information transparency, has become urgent matter in the development of Chinese stock market. There are numerous researches from different perspectives in the study of information transparency. Based on the special capital market and information environment of Chinese listed company, this paper studies the influential factors on information disclosure and employ these factor for corporate information disclosure evaluation.From the perspective of listed company, the influential factors can be divided as endogenous factors and exogenous factors. Endogenous factors include financial status, disclosure motivation and governance structure et al; exogenous factors include law, system and market environment et al. By theoretical analysis and review of the literature, this paper first propose the hypothesis about the effects of various factors; then use non-parametric test and ordinal Logistic regression for examining the hypothesis, find the factors which have significant influence on Chinese listed company information disclosure.In addition, the author chooses the factor on the basis of influential factors analysis, employ the Support Vector Machine for constructing discrimination model of corporate information disclosure. Empirical result shows that the SVM model has well learning ability and generalization ability. The SVM model based on Shenzhen Stock Exchange data can be used to distinguish the information disclosure degree of listed company in Shanghai Stock Exchange, conduce to improve the research in Chinese listed company information disclosure.Finally, for overcoming the drawback of lack of explanatory in SVM model, this article implements the rule extraction method based on C4.5 decision tree, mining the knowledge hidden in SVM model and express them as rule set. The knowledge expressing by rule not only make the researcher easily understand the reasoning of SVM, but also help individual investors for investment decision-making.