Research On The Influence Of Internal Governance Structure Of Lithium Battery Company Of Shanghai Main Board On The Quality Of Information Disclosure

From 2017 to 2019,the number of listed companies in Shanghai with information disclosure evaluation results of D increased from 38 to 62,accounting for 2.73% to4.08%.On March 1,2020,the "new Securities Acts" was formally implemented,improving the quality requirements for information disclosure and the cost of illegal punishment.In 2020,the proportion of listed companies in Shanghai rated as D decreased to 3.37%.With the strengthening of internal governance and information disclosure by securities supervision,the listed companies will pay more and more attention to the internal governance structure and the quality of information disclosure.From 2019 to 2021,with the development trend of the national new energy strategy,lithium battery listed companies have ushered in unprecedented development opportunities,and the lithium battery sector stock index has increased by more than204%,causing hot discussion in the industry.At the same time,the internal governance structure and information disclosure quality of lithium battery listed companies also continue to attract the attention of the industry.This paper relies on the information asymmetry theory,Principal-agent Theory,on the basis of the predecessor research,through the Shanghai main board lithium company internal governance structure and information disclosure quality present situation survey,and then through empirical analysis of the influence of internal governance structure on information disclosure quality,so as to provide improvement measures and policy advice for listed companies and regulators.Empirical analysis conclusion shows that the Shanghai main board lithium electricity company the shareholding ratio of controlling shareholders,the shareholding ratio of Second to tenth largest shareholders,independent directors ratio,the size of the board of supervisors,whether Secretary of the Board is female,number of concurrent directors and senior executives,whether the implementation of equity incentive are positively related to information disclosure quality,but the board of directors size,number of times of senior executive changes and announcement correction are negatively related to the quality of information disclosure.Research results show that lithium battery listed company internal governance structure has an important impact on information disclosure quality,constantly optimize the internal governance structure is an important measure to improve the quality of information disclosure of listed companies,this paper suggests that improve the top ten shareholder holdings,streamline the board size,increase the supervisory board,avoid frequent changes,encourage women as secretary,supplemented by appropriate equity incentive measures,will be conducive to improve the information disclosure quality of listed companies.