Research On Information Disclosure Of Listed Company Based On The Investor Protection

Investors are major participants in the securities market, and the investor protection is the basic premise of the stock market. So, it's the fundamental purpose of securities regulation. Meanwhile, we have analyzed the interaction mechanism of information disclosure and investor protection based on exciting research results in this paper. The paper also aims to provide some useful advice for improving the information disclosure quality and the investor protection condition by establishing an empirical model on the basis of status of Chinese securities market.The paper contains five parts. The first part, Chapter 1, is the introduction, which introduces the background and significance of the research, and reviewed relevant references. This part supplied a comprehensive theoretical foundation and analytical framework through the briefly introduction to the ideas and methods adopted by the author.The second part is the theoretical framework, which is includes Chapter 2 and Chapter 3. The Chapter 2 mainly introduced the basic theory of information disclosure and investor protection. The Chapter 3 analyzed the interaction mechanism between the information disclosure and investor protection from the theoretical perspective. This part provides a theoretical basis for the analysis and empirical test for the status of Chinese information disclosure.The third part is Chapter 4. The Chapter 4 provided a realistic basis for the construction of the empirical model for the status of Chinese securities market by concisely stating the background of our country's information disclosure system, and pointing out the main problems and its causes of the process of information disclosure.The fourth part is Chapter 5. This part based on the Event Study Method, and test the relationship between the Reliability,Timeliness and Integrity of the information disclosure and the investor protection. The result shows that the Reliability and Timeliness of the information disclosure have the significant positive correlation with the investor protection; it means that the promotion of reliability and timeliness will contribute to the investor protection. However, the relationship between the integrity and the investor protection is not significant, which need to be future investigated.The fifth part is Chapter 6. This part mainly summarized the theoretical analysis and empirical results of the paper, and proposed proposals and measures for the status of Chinese information disclosure in the expectation of upgrading the information disclosure quality and improving the leave of investor protection.The contribution of the paper rests on:Providing a richer theoretical basis for our country's academic research by the future analysis and summary of relevant literature and theory; exploring the interaction of information disclosure and investor protection with the empirical test in order to found the key factor in investor protection; and proposing some effective suggestion for the promotion of the status of Chinese investor protection.The deficiencies of the paper rests on:The research of the information disclosure from the perspective of investor protection is dispersed, not yet formed a complete system; in the process of empirical testing, some selected variables and indicators may affect the empirical test results due to the interference of various factors. So, we need to expand the sample space, take each relevant factor and the role in the results into consideration, and take more appropriate methods to test and analyze.