上市公司信息披露质量与公司价值关系研究-会计学专业论文.docxVIP

ABSTRACT With the development of Chinas securities market, as an important part of the capital market system, the information disclosure system is increasingly important for the standardization of the development of China’s securities market. However, because of lacking of regulatory experience and inadequate information disclosure system, there are plagued by problems like non-standard information disclosure, earnings manipulation, distortion and other issues of information disclosure in Chinas securities market. So, how to effectively guide behavior of listed companies’ information disclosure, enhance effectiveness of the securities markets, improve quality of information disclosure of corporate governance, which is significant to be solved for sustainable development of Chinas capital market. Based on the relevant theory of information economics, the Main Board of the Shenzhen A-share listed securities companies during 2006-2008 were selected to study the relationship between the quality of information disclosure and the corporate value. Based on the analysis of company value, stock price and Tobins Q were used to reveal the influence of information disclosure quality to corporate value. Firstly, event study method was used to discuss whether information examination results has market response of Shenzhen listed companies, to determine whether the quality of information disclosure affect stock price. Secondly, the regression was used to construct model in the perspective of year and overall for which research the influence of the information disclosure quality to intrinsic value of company, and reveal the influence of the information disclosure quality to Tobins Q. Finally, based on research conclusions, some recommendations were proposed to guide behavior of information disclosure for improving the quality of information disclosure of listed companies. In addition, in order to control the endogenous influence between information disclosure quality and corporate