Research On The Quality Of Accounting Information Disclosure Of LH Company From The Perspective Of Asymmetric Information Theory

With the rapid development and progress of China's economy and society,it has become more complete and sound in various economic systems.As one of the most important indicators of market economy and capital market,the quality of accounting information disclosure of listed companies has increasingly attracted the attention of researchers.In the information disclosure system of the capital market,accounting information disclosure occupies a core position,and from which stakeholders such as shareholders,investors,managers and social participants could clear the financial status,investment activities,operating results and development capability of listed companies.High-quality accounting information could truly and accurately reflect the listed company's business activities and development status,and provide investment judgment for the company's stakeholders,but low-quality accounting information could not provide investors with decision-making reference,but mislead investors making wrong investment decisions,which seriously disrupting market order and inducing illegal and criminal activities.Therefore,improving the quality of accounting information disclosure of listed companies has a positive effect on corporate governance,financial system improvement and capital market order maintenance.Due to the relatively late start-up,China'slisted companies mainly are short time-to-market,financing-orientated,and imperfect in internal control,which also take relatively low costs for accounting illegality,leading to the occurrence of violations of accounting information disclosure of listed companies.The violations have affected the healthy and orderly development of the entire capital market.Since the introduction of asymmetric information theory in the 1970s,it has been widely used in economics,accounting,social governance,marketing management,etc.In the capital market,dealers own various different market information,those who have more or superior information could obtain more benefits in market dealing from the information,while other dealers are at a disadvantage.As the accounting information plays an important role in the deal,the quality of accounting information disclosure depends to a large extent on the symmetry of accounting information.Based on asymmetric information theory,agency theory and research on accounting information disclosure by experts and scholars at home and abroad,this paper studies the quality of accounting information disclosure of listed companies,analyzing the problems existing in the accounting information disclosure of listed companies from the perspectives of signal transmission,adverse selection and moral hazard,and demonstrates the mechanism of asymmetric phenomenon in the process of accounting information disclosure of listed companies.At the same time the paper selects LH Company as a specific case,further expounding the status,problems and causes of accounting information disclosure from the company's annual report and other public disclosure information,and finds out that the disclosure of accounting information in the company is not timely,imperfect,distorted and incomplete in review mechanism.The paper draws the reasons for the asymmetry:information asymmetry between relevant stakeholders of listed companies,excessive pursuit of interests,imperfect accounting policies and internal governance,and lack of effective external supervision.In response to the problems existing in LH Company,the paper raises countermeasures and suggestions for improving the quality of accounting information disclosure to optimize the internal structure of the company and improve the efficiency of functions.The countermeasures and suggestions give useful reference to business managers and public investors in the market,and promote the quality of accounting information disclosure of listed companies.Finally,based on the analysis of the case,the research concludes the influence of asymmetric information on the quality of accounting information disclosure of listed companies,putting forwarding the prospect of further research on improving the transparency of accounting information.