The Empirical Research Of Government Regulation On Accounting Information Disclosure Of Listed Companies

Disclosure information,which is the essence of the public principle,is in fact the most effective means to regulate listed companies, protect minority shareholders and promote market efficiency to allocate resources.A listed company should ensure that potential investors have access to all statutory disclosure information in a true,integrated, timely and adequate manner.Unfortunately,some listed companies in China have violated the securities laws and regulations via illegal disclosure activities, even refusing to mend their ways despite of repeated admonition.These illegal activities make minority shareholders suffer large economical losses,but also threaten the stabilization and healthy development of china stock market.Therefore,the disclosure supervision of accounting information of listed companies arouses widespread concern in the society.Firstly,this thesis presents the topic significance,summarizes the related viewpoints and elaborates two related theory about the regulation of accounting information of listed companies:effective capital market theory, market failure theory.Secondly, this thesis uses statistical analysis method to make a multi-angle analysis about conducts of disclosure violation,which has analyzed a variety of features of recent conducts of disclosure violation and the limitation of disclosure violation punitive effect;by analyzing the market reaction,this thesis has examined the effect of shanghai and shenzhen stock exchange credit-file system.And last,using the stock return model, the thesis examines how the credit-file system established in shanghai stock exchange and shenzhen stock exchange impacts the improvement of accounting information quality of listed companies,and evaluates effects of government regulation on stock market,by selecting accounting conservatism as an indicator of accounting information quality.The empirical analysis shows that shanghai and shenzhen stock exchange credit-file system has information content, and it has produced a certain deterrent effect on conducts of disclosure violation.However,the effectiveness of punishment is limited. The credit-file system enhances the quality of accounting information to a certain extent,but the result is not as significant as expected.This illustrates that government regulations on securities market take effect to some extent which achieves the goal of reducing accounting frauds and enhancing the market mechanism.