Study Of The Information Disclosure Effect Of Issuing Integrated Report

With the development of globalization and the enhancement of sustainability theory,the international society is paying more attention on the disclosure of non-financial information,especially sustainable information.Some foreign countries have done a lot in promoting the disclosure of non-financial information and the development of integrated report.For China,although there already have company reports that publish non-financial information as social responsibility reports and sustainability reports,these non-financial reports are separated from financial reports and are lack of integration.This makes it hard for report users to fully understand the relationship between different reports.Furthermore,because of the problems of repeating reports’ content and high publication cost,report users are unable to efficiently use the information.The 2008 financial crisis that affected global economy also reminds people of the limitation of traditional reports.Under this circumstance,improving the efficiency of information deliver and promoting the sustainable development of enterprises have become an important trend in the accounting circle.An efficient way to improve reporting mode is to combine financial information and sustainable information which companies voluntarily disclose.Consequently,the integrated report theory emerged.This article firstly reviews the existing research literature of integration report,then summarizes the current situation of nonfinancial information disclosure of Chinese companies under China’s economic environment and analyzes the reasons for low integration level of company reports in China and inefficient prediction of companies’ operating performance and development prospect.Based on the previous content this article introduces the 2018 integration report issued by a Chinese firm and a clean energy firm,China Guangdong Nuclear Power Group(CGN)and systematically introduces its integration reports’ framework and content.This introduction provides useful experience for reference for Chinese companies to combine financial and non-financial information more efficiently,to provide more comprehensive information for stakeholders and to issue integrated report.This part also provides an overall suggestion for Chinese companies to issue high quality integrated report.Next this article analyzes the effects of issuing integrated reports by using five figures,such as stock market performance,sustainability index and information disclosure quality.