Analysis On The Affecting Factors Of Chinese Listed Companies' Information Transparency

On stock market, information disclosing system determines whether the Stock market is effective, the quality of information disclosure of listed companies have a direct impaction for investors to judge and make decision. China's security market has developed for nearly 20 years, and gets good results;when it compared with developed capital markets, there are still big gaps. The quality of information disclosure of listed companies has gradually become focused with a variety of events.In the first paper, we put the significance of information transparency and the study situation about this at home and abroad. We do a preliminary study on the information transparency of listed companies through the principal-agent theory and asymmetric information theory In Chapter II. In Chapter III we research and analysis the background and current status of the information transparency of listed companies in China's market in details, and get the following conclusions:first, in China, listed companies think the information disclosure as an extra liability of work, and they are unwilling to disclosure timely; second, information disclosure is not adequate, and there is "patch" phenomenon; third, information disclosure procedures are not standard nor serious; fourth, there are some listed companies disclosing false information, and it involves the companies' issue of integrity. The fourth chapter uses the data of listed companies in the Shenzhen Stock Exchange in the sample for the study, using descriptive analysis and panel data model empirical methods to test the correlation between influencing factors and the information transparency of listed companies.Key findings of this paper as follows:first, the agent is the manager of corporate information disclosure and decision maker, and the information asymmetry is a major obstacle between information makers and users;second, corporate governance structure of listed companies is not improved as well as the information disclosure system in corporate, and they two have a direct impact on the transparency of corporate information.Suggestions put forward last:to increase some appropriate reward and punishment skills, or to create a "market" of deputy managers and file information management system of the professional managers, and then it allows the company owners, shareholders and other clients to find a more appropriate agent to manage the company, thereby reducing the occurrence of information asymmetries; to establish and improve internal information disclosure system in listed companies;to improve corporate governance. Through the above measures, the information transparency of listed companies will be improved.