Founder Management, Institutional Investors And The Accounting Information Transparency

Since China’s reform and opening up, along with the adjustment of the policy policy,China’s private economy and private enterprises have mushroomed, has increasinglybecome an important force in China’s economic development.At the same time of rapiddevelopment, private enterprise’s internal management is faced with many challenges. In asignificant portion of the private listed companies is the first generation of entrepreneursto manage, so the founder of what is appropriate for the management of theenterprise.Although, in the long process, the founder of accumulated a large number ofmanagement experience, and the relationship with government departments.But now theeconomic development,enterprise facing the internal and external environment haschanged. Founder’s knowledge, ability, vision, and so on has may not adapt to theenterprise facing the current business environment.In recent years, YinGuangXia, greenearth, Wan Fusheng accounting fraud events occur, seriously harm the interests of smalland medium-sized investors, and these fraud are related to its founder,.Founder in manyprivate enterprises,they are also major shareholders and company executives,and theyown multiple identities, all these let people questioned whether the accounting informationtransparency will be affected and these fraud are related to founder management?This article selects1109companies listed on the Shenzhen2007-2007as sample,using descriptive statistics, correlation analysis and multivariate logistic regressionanalysis and multiple linear regression method to test the founder of management,institutional investors and the accounting information transparency. On the overallplanning, this article can be divided into the following six parts:The first part is the introduction part, elaborated this article research background,research significance, definition of related concepts, research ideas and methods and majorcontribution and deficiency of this article. In front of the theory analysis part through theprincipal-agent theory, information theory and the efficient market hypothesis and trencheffect lay the foundation for the further research of the listed company foundermanagement, institutional investors and the theoretical basis for the relationship betweenthe accounting information transparency, followed by the empirical test part of theintroduction of the four models, the selection of sample data generation into the modelanalysis, inspects the size and direction of the influence factors.The second part were summerized from the following aspects, founder management, the factors influencing thetransparency of accounting information, accounting information transparency measures,the type of institutional investors and institutional investors influence on accountinginformation transparency.The third part is the theory analysis and put forward the research hypothesis part ofthis article.Based on the research at home and abroad for reference and combining thesituation of our country is pointed out that the accounting information transparency refersto the entities on the basis of public disclosure of accounting information in accordancewith the eight provisions of the accounting information quality in our country, and canmake the extent of the external users to understand.The fourth part is the empirical part ofthe research design, divided into the selection of variables, measure and assumptionsproposed, data sources and sample selection, the construction of a model of several parts,provide the basis for the analysis of further behind.This article from the perspective ofidentity, founder of the characteristic and the type of institutional investors, selected thesix variables as explanatory variables.Again, based on the perspective of internalgovernance, this article selects the seven characteristic of the company’s internalgovernance index variables as control variables, four financial indicators as a model forcontrol variables in the model of setting.In order to ensure the reliability of the researchconclusion, this article introduced the shenzhen stock exchange "integrity file" in the"information disclosure evaluation result data, as a comprehensive indicator to measurethe accounting information transparency, at the same time, combining with the existingresearch results, selection of surplus smoothness targeted research company accountinginformation transparency. The fifth part is the empirical test and analysis, descriptivestatistics, correlation analysis and regression test three main content, and then therobustness test. The sixth is divided into research conclusions and related policySuggestions. The seventh part is the research limitations and further research direction.