Effects Of Corporate Governance Structure On Accounting Information Disclosure Quality Based On The Perspective Of Market Competition

At the end of 1990, Shanghai stock exchange was established. From then China’s capital market started a vigorous development. The number of listed companies in China is more and more, the scale is becoming bigger and bigger and the effect of the capital market is becoming more and more important. The rapid development of capital market during these 20 years confirms a truth that the accounting information disclosure quality plays a crucial role in making healthy development of capital markets. Timely, accurate and complete disclosure of the company’s accounting information, on the one hand, can make the public understand the company’s operating performance and help the investors make rational investment decisions. On the other hand, it can produce certain supervision to the company, which forces the listing corporation to disclose the information of the company strictly according to relevant regulations, and promote its healthy and rapid development. In recent years, a large number of listing corporation financial fraud incidents are frequently exposed, which seriously hurt the majority of investors’confidence in the capital market. Thus, the accounting information distortion problems have seriously affected the healthy development of capital market in our country; the low quality of accounting information disclosure has already become a social problem to be solved, which attracts the wide attentions of the government regulators, investors and scholars.The imperfect corporate governance structure can cause many serious consequences, one of which is that it will have a bad effect on the quality of accounting information disclosure. In addition, the external market competition environment that the company is faced with will also affect the accounting information disclosure quality. Therefore, this paper studies the influence of corporate governance structure on the accounting information disclosure quality based on the perspective of market competition, and finally analyzes the moderating effect of market competition on the relationship between corporate governance structure and the quality of accounting information disclosure.This paper consists of six parts:the first part is the introduction. It introduces the background and significance of the research and defines the concept of market competition, corporate governance structure and accounting information disclosure. And then it puts forward the research ideas and research methods, and finally summarizes the innovation points in this paper; the second part is the literature review, this paper reviews the literatures on the relationship between the market competition and the quality of accounting information disclosure, corporate governance structure and accounting information disclosure quality, market competition and corporate governance structure, finally makes a comment on the literatures; the third part is the theory analysis and hypothesis. The paper analyzes the effective market hypothesis, signaling theory, principal-agent theory and market competition theory, and then puts forward four hypotheses; the fourth part is the design of empirical research, this paper selects the data of Shenzhen A shares six industries* listed companies from 2010 to 2013 as the research samples and the selected variables are described in detail. Finally, the binary Logistic regression model is constructed; the fifth part is the empirical test and analysis of the results, this paper carries on the descriptive statistical analysis. Pearson correlation analysis and binary Logistic regression analysis of the whole sample, high market competition sample and low market competition sample, and the results are analyzed. Finally, the robust test is carried out to make sure that the conclusion is robust; the sixth part is the conclusion of the study and policy recommendations. According to the results of the regression analysis, this paper summarizes the conclusions of this study, and puts forward the relevant policy recommendations. Finally, the limitations of the research are presented in this paper.This paper uses Herfindahl-Hirschman Index (HHI) on behalf of the degree of competition in the market, and based on the calculated results of this index, three industry data from the Shenzhen A shares in 2010-2013 are selected respective]y, as high competition and low market competition sample, and through the binary Logistic regression, some conclusions are got:there is a positive correlation relationship between equity concentration and the quality of accounting information disclosure, and compared to a low competition, equity concentration in a high competition market has more significantly positive impact; the joining together of chairman and general manager has negative correlation with the quality of accounting information disclosure, and compared with the company in a high competition market, the joining together of chairman and general manager has a more significantly negative effect in the low market competition; there is no obvious relationship between the independent directors proportion and accounting information disclosure quality; there is a significantly negative correlation relationship between the number of board meetings and accounting information disclosure quality.This innovation point of this article is that this paper combines with the basic theory of industry economics-the market competition factors and analyses the relationship between corporate governance structure and the accounting information disclosure quality under different degree of market competition and the conclusion is that the market competition does play a certain role in regulating the relationship between corporate governance structure and accounting information disclosure quality.