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The Research on Quality of Financial Information Disclosure of Listing Insurance Company Based on Corporate Governance

Author: GuZuo
Tutor: PengXueMei
School: Southwestern University of Finance and Economics
Course: Insurance
Keywords: Corporate governance Information disclosure Quality of financial information disclosure listing insurance company
CLC: F840.3
Type: Master's thesis
Year: 2009
Downloads: 314
Quote: 1
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Abstract


Financial information disclosure is one of the important mechanisms which designed to solve the problem of information asymmetry. The quality of financial information disclosure affects the efficiency of the capital market and the resource allocation. In recent years, a great deal of malignant accounting scandals has been disclosed in both domestic and aboard capital markets,which impaired seriously the confidence of investors and prevent the development of the capital market. In order to improve the quality of financial information, scholars suggest optimizing corporate governance.Insurance market is an asymmetrical market; therefore information disclosure is of great importance to insurance company. After the past 20 years’development, china’s insurance market has made great progress. However, many problems have arisen, such as out-of-order competition, extensive operation. Therefore, the research on the information disclosure problem is very necessary at the present stage. The core of insurance company’s information disclosure problem is the quality of financial information. Due to short history of China’s insurance market has, imperfection of relevant system and legislation, the quality of its financial information has many problems. China life, PingAn of China and CPIC has issued stocks in Shanghai Stock Exchanges in 2007. It will be a trend that more and more insurance company will list its stocks publicly, which attracts people’s attention on the financial information’s quality of listing insurance company.As the leaders of insurance industry, listing insurance company’s financial information disclosure is of higher quality than other company. However, there are some evidence show that it is still be a doubt whether its quality meet the request strictly. The reason cause the problem is lies in many parts. One of them is because the corporate governance has defect. Both corporate governance and financial information disclosure is base on Principal-agency Theory. They are interacting with each other. With effective corporate governance, the disclosure will be restricted, and then the quality of disclosure will be guaranteed to some extent. Many scholars both domestic and abroad have demonstrated that corporate governance has important influence on the quality of financial information disclosure. To insurance company, it follows same way. Therefore, it is feasible to analyze the financial information disclosure problem of listing insurance company by perfecting its corporate governance.The article focuses on the financial information quality of listing insurance company from the view of corporate governance. This paper is combined by four chapters.Chapter one is an introduction to the background, significance and methodology. During the chapter, the author introduces the theoretical principle of corporate governance and financial information disclosure, and then defines the main concept.Chapter two discusses the relationship between corporate governance and financial information disclosure. It focuses on the former’s impact on the latter. Firstly, the author uses theoretical method to analyze the problem, then summarizes the result of scholar’s empirical analysis in order to provide fundamental basis for the further discussion.Chapter three is the core part of the article. Firstly, it discusses the practical quality problem of the financial information of listing insurance company. The author analyzes the problem with new cases. Then, the author holds the opinion that the corporate governance has important effect on the financial information quality by analyzing the current situation of listing insurance company’s corporate governance and how its defect affects the quality.After the discussion of previous chapter, Chapter four mainly focus on the suggestion on how to perfect the insurance company’s corporate governance with the hope to improve its financial information quality.Recently, both in china’s practices and theories are lack of systematic research on this problem. The author chooses the new view to analyze the financial information disclosure quality of listing insurance company and provides some new ideas. However, Confined by the author’s capability of knowledge and the limited time, this paper is not perfect.

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CLC: > Economic > Fiscal, monetary > Insurance > Insurance Theory > Insurance organization and management
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