Social Trust And Information Disclosure Quality

The quality of information disclosure in the capital market has always been the focus of attention and research by scholars.The implementation of good health information disclosure is also the obligation of the listed companies to be unshirkable and must be fulfilled.On the one hand,good information disclosure can reduce transaction costs,slow down information asymmetry and promote the rational allocation of resources in the capital market;on the other hand,it can alleviate the agency problem,reduce the agency cost,and try to avoid the large shareholders or management to harm the interests of small and medium shareholders.Therefore,improving the quality of information disclosure is a pressing problem we need to solve.Although in recent years,the relevant regulatory departments of our country have made standards and guidance on information disclosure in laws and regulations,but the information disclosure still has some problems,such as imperfect system and unstandard disclosure.From the 1990 Shenzhen field,red light industry,silver Guangxia,and the last ten years of the Cologne electric,three Mao industry,Wuliangye and other real cases,are constantly reminding us to pay more attention to information disclosure behavior.In order to establish China's capital market as an orderly,healthy and mature capital market,Chinese scholars have also studied and discussed how to improve the quality of information disclosure from the internal governance and formal institutional environment of the company.However,as an important part of the informal system,social trust not only affects the development of the capital market from the macro level,but also in the micro level.It also affects the financial decisions and accounting behaviors of listed companies.Based on the existing literature,the influence of social trust on the quality of information disclosure has not been studied.In this paper,all listed companies in 2009-2014 deep cities are taken as research samples,and from the three theories of reputation mechanism theory,principal-agent theory and information asymmetry theory,the literature on the quality of information disclosure is summarized and summarized,and the influence of social trust on the quality of information disclosure is investigated.Whether the organizational structure of Pyramid is playing a mediating role in the path of influence is also investigated.Through the empirical study,the following conclusions are drawn:(1)the higher the degree of social trust,the better the quality of information disclosure of listed companies;(2)the longer the Pyramid structure level,the worse the quality of information disclosure of listed companies;(3)the structure of Pyramid is a part of the medium variables that influence the quality of information disclosure of listed companies by social trust.In the following robustness test,the robustness test of the main variable is applied to verify the reliability of the conclusion.Finally,according to the conclusions drawn from the empirical analysis,we put forward relevant policy recommendations,and also explained the limitations of this research.