The Impact Of Research On The Quality Of Information Disclosure And The Value Relevance In China’s Listed Companies

The famous United States Justice Louis Brandeis has a wisdom in his book,"Other People’s Money":"Opening is the good medicine for the ills of modern society and industrial medicine, sunlight is the best preservative, light is the best police". As a concrete manifestation of the principle of openness, fully transparent information disclosure is the cornerstone of capital markets. Investor is the demand side of information, and the listing corporation is the supplier of information. Listed company’s accounting information are a bridge between listed companies and investors, and they are also an important link between the market and listed companies. High-quality information disclosure can reduce the information asymmetry, guide operators and investors make the right management and investment decision, so high-quality information disclosure should be made to more accurately reflect accounting information disclosure. The more precise stock’s price reflects the information disclosure, the more efficient of the capital market. The external efficiency of the capital market is the extent of the financial asset price reflects the relevant information. The quality of information disclosure theoretically can strengthen the external efficiency of the capital market, but how the quality of information disclosure affects the value relevance of accounting information, domestic and international relevant empirical research is still relatively small.According to the problems mentioned above, in this paper, on the base of reviews of the related literature at home and abroad, firstly discuss the basic theory of accounting information disclosure and value relevance, combine them from the perspective of decision usefulness. Then, discusses the method to measure the quality of information disclosure, combined with the reality of current information disclosure in china. Next, we adopt the price model and the expanded price model to study the relation between the accounting information disclosure and value relevance yearly and rankly basing on the Shenzhen Stock Exchange critique result which issued from year2009to2012as the substitution variable of accounting information disclosure. The results are as followed:The quality of information disclosure of listing Corporation in China in recent years has increased year by year, but the enterprise whose disclosure level is particularly high is less; the quality of accounting information disclosure can increase the value relevance. The value relevance of accounting information of listing Corporation of high quality information disclosure is more; with the improvement of information disclosure quality, the value relevance of earnings per share increased, on the contrary,value relevance of net assets per share decreased. Shenzhen stock market’s information critique work has obtained the result which it should have, and to a certain extent, it can help investors of listed companies to judge the quality of information disclosure, and give full play to the positive role in promoting the information disclosure for the external efficiency of securities market. Finally, this paper analyzes the research conclusion, puts forward the corresponding policy proposal.In order to achieve the goal of this paper, our study is divided into five parts:The first part is introduction, mainly introduce the background and significance of this article, the literature is reviewed at home and abroad, and put forward the research methods and structure of the paper.The second part is the theory foundation of accounting information disclosure and the value relevance, theory of information disclosure, including the efficient market hypothesis, asymmetric information theory, game theory; Value relevance theory, including the information perspective, valuation perspective, contract perspective; finally discusses the link between them: decision usefulness of accounting information.In the third part, firstly discusses the method to measure the quality of information disclosure, followed by analysis of the current situation of China’s information disclosure, through cases we found that in the current China’s securities market unreliable, inadequate, untimely information disclosure remains pervasive.The fourth part is the empirical analysis of the effect of disclosure quality on the value relevance of accounting information, including the research hypotheses, data sources, annual level and graduation of the empirical analysis and the empirical results. Research methods which are mainly used include descriptive statistics, independent samples T-test and multiple linear regression analysis.The fifth part is the empirical conclusion, explanation and policy suggestions, first summarizes the research conclusion of this thesis, and analyzes the research conclusion, finally puts forward corresponding countermeasures and suggestions.The shortcomings of this paper:1. The quality of information disclosure standards did not break the previous limitations, still choose Shenzhen stock exchange information disclosure evaluation results, which will limit the study scope of listing Corporation on the Shenzhen stock exchange. The promotion of the conclusion of the study has certain limitations, so the study results do not have extensive.2.Selection and screening of sample data, because some of the lack of sample data is not complete, this may affect the model result.