Research On The Impact Of Media Attention And Ownership Property On Quality Of Information Disclosure

All along, both domestic and foreign scholars focus on researching an important issue about quality of accounting information disclosure. High quality of information disclosure can reduce the degree of information asymmetry, which has a crucial role in improving efficiency of resource allocation and enhancing protection of rights and interests of investors. The quality of information disclosure is determined by a variety of factors, the key of which is the effective operation of corporate governance mechanism, which can powerfully encourage and restrain insiders, thereby reducing the possibility of manipulation of information and motivation to improve the quality of information disclosure. While playing one of outside legal system of corporate governance a role of the media, which external corporate governance impacts on quality of information disclosure that has initially been recognized by scholars. Previous studies have focused on factors of corporate governance such as ownership structure, board features, product market competition and external auditing unilaterally the impact of quality of information disclosure. This dissertation attempts to synthesize internal and external corporate governance factors, which in the beginning studies ownership property of internal corporate governance factors that impacts on quality of information disclosure, then analyses media attention with external corporate governance role that impacts on quality of information disclosure, and explores the differences that media attention impacts on quality of information disclosure in different ownership property of listed companies.This dissertation is divided into five chapters to conduct research and analysis. The first chapter is an introduction, which mainly describes the background and significance, reviews the relevant literature at home and abroad that between corporate governance and quality of information disclosure along with media attention, depicting ideas and methods as well as research innovation of the dissertation. The second chapter is relevant theoretical basis, which defines the relevant concepts, and discusses principal-agent theory, efficient market theory, information asymmetry and other theories. The third chapter is theoretical analysis and research hypothesis, which shows current situation and problems of the quality of accounting information disclosure in Chinese listed companies, in-depth analysis the effect of path that ownership property and media attention impact on quality of information disclosure, and proposes research hypothesis of the dissertation based on this. The fourth chapter is empirical research. In this dissertation, data are filtered through listed companies in Shenzhen A shares board from 2003 to 2012 as the research sample, which variable indicators are designed, regression models are built, making descriptive statistics, correlation analysis and multiple regression analysis based on the sample data to empirically test the research hypothesis. The fifth chapter is research conclusions and suggestions. The conclusions of this dissertation show finally that:(1) Compared with the non state-owned listed companies, the quality of information disclosure is higher in the state-owned listed companies;(2) Media attention is correlated with quality of information disclosure positively, that is, the quality of information disclosure rises in line with higher degree of media attention.(3) Listed companies under different ownership property circumstances, there are differences in the impact of media attention on quality of information disclosure, which media attention has a positive effect on quality of information disclosure of the non-stated listed companies is stronger than the state-owned listed companies.