on the economic consequences of disclosure- theory and empirical evidence（信息披露的经济后果u2014u2014理论和实证证据）.docVIP

On the economic consequences of disclosure: theory and empirical evidence [Abstract] can solve the company’s disclosure of information asymmetry caused by adverse selection and moral hazard problems, is the effective functioning of capital markets, an important condition for the article the theoretical basis and empirical evidence from both the economic analysis of information disclosure consequences, and pointed out possible future research directions. [Keywords] information disclosure, economic consequences, the theoretical basis; empirical evidence First, the theoretical basis Hyundai is based on the separation of ownership and management based on investors to vote their own property to the company, but not directly participate in the company’s management, investment management to investors, though not ownership of the property, but can effectively operate and control these assets due to the separation of ownership and management does not directly cause investors to participate in the company’s management, but to entrust the management company’s management company, so management will have more than investors about the company current operations and future prospects of the information that investors and information asymmetry between the company’s management, according to information economics, information asymmetry will lead to serious adverse selection and moral hazard problems, thus affecting the normal market operation of the Information disclosed to investors and an effective solution because of information asymmetry between management brought about adverse selection and moral hazard problems, is an efficient capital market conditions for the normal functioning of vital (Healy and Palepu, 2001. Zeff (1978 in lt;lt;’economic consequences’ theory of the rise, ‘the article pointed out:’ refers to the economic consequences of accounting reports for business, government, trade unions, investors and creditors, decision-making behavior ‘(Xie Deren,