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An Empirical Research on the Relationship between Power Balance with Shareholder Structure and Illegal Information Disclosure Behavior in Listed Companies of China

Author: LiuZuo
Tutor: ZhangLiShang
School: Southwestern University of Finance and Economics
Course: Financial Management
Keywords: Shareholdres Ownership concentration Disclosure violations
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 237
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Abstract

Research background and significance in recent years, China's listed companies' information disclosure violations have become more frequent, much worse. From the Pharmaceutical to Sichuan Golden Summit, Ducam Hangxiao Steel, Hongguang Industrial series of events can be seen, the information disclosure of the capital market in China there is a big problem. Information disclosure violation occurred not only cause serious distortion of company information, a violation of shareholders, the interests of the creditors and stakeholders, damage to corporate reputation and image, resulting in a crisis of confidence of the investors, the more important is the frequent occurrence of listed companies information disclosure violations also affect the normal orderly and healthy development of the securities market, has brought huge social and economic costs. Therefore, information disclosure violation is the focus of attention by the regulatory authorities, academia, and the vast majority of investors, but also to further standardize information disclosure behavior, improve the information disclosure regulation system important issues that need to be explored. The deep-seated reasons violation of information disclosure of listed companies is one of the defects of the shareholding structure of the Company. Corporate governance structure is arranged a series of systems in order to solve the problem separation of ownership and control of the modern enterprise, the ownership structure is an important aspect of corporate governance, companies to reduce agency costs, protect the interests of the investor and the enterprise value maximization system protection and premise. The Corporate Disclosure Company passed to investors and the public as a company under these institutional arrangements carrier, is obviously closely related to equity role. Many foreign scholars dedicated to exploring the checks and balances of the Company's equity relationship between information disclosure, and achieved rich results confirmed the company ownership balancing indeed impact of information disclosure violations, but the empirical results are still disputing. Have a different system in the background and the inherent characteristics of China's capital market and listed companies with foreign studies abroad can not achieve the purpose of the interpretation and prediction of the actual situation in China. Domestic disclosure of relevant terms for the company's equity interest in the checks and balances and information is more fragmented, and the most of the empirical data before the split share structure reform. Therefore, in the case of information disclosure violations have become more frequent, this article tries to combine our special institutional context and the specific circumstances of the listed companies in China's listed companies' information disclosure violation influencing factors from the Company equity balances angle Research and attempt to address the following issues : Shareholdres affect the information disclosure of listed companies in China? Blockholders and information disclosure violation has what relevance? how to improve the ownership structure to control information disclosure violations occurred? believe that the results of this research on the optimization of China's listed companies ownership structure, and improve the quality of information disclosure will have a positive meaning. 2. Study the content of this article is a mainly empirical analysis, normative analysis supplemented by effective combination of both papers, along the literature review, the theoretical analysis of policy proposals to empirical testing and then technical route to build a research framework . This paper is divided into five chapters, as follows: research background and significance of the topic, set forth in the first chapter as the starting point of the study, this chapter reviews at home and abroad in the field of Research, leads research directions, and outlines the framework of this study, the research methods and contribution. The second chapter is the theoretical analysis section. This paper first introduces the basic principles of the normative system of information disclosure system, the different characteristics of the various stages of the information disclosure system, as well as listed companies in China should follow the disclosure of information. On this basis, the information disclosed in violation of the status quo: 2001 to 2008, China's listed companies by government regulators publicly condemned publicly criticize or publicly punished actual forensics, and press the year, subject to punishment type of illegal types respectively statistical analysis, with a focus on the shareholding structure of the violations listed companies to study the characteristics of the violations behind equity. Lead to information disclosure violation of the shareholding structure of the main factors is the excessive concentration of equity, therefore, the next paper analyzes focus on the root causes of the shareholder structure of listed companies, and the resulting private benefits of control; equity checks and balances economics foundation The formation mechanism. On this basis, respectively, from two angles ownership concentration and equity balance explore the influence of both illegal information disclosure, and to lay a solid theoretical foundation for further empirical research. The third chapter is the empirical part. Assumption concentration from equity and equity balance two levels on the basis of the previous theoretical analysis of empirical research, and 2005-2008 in the information disclosure violations in Shanghai and Shenzhen A-share listed companies sample for the study, based on a one-to-one pairing paired samples t-test and the Wilcoxon signed rank test and Logistic regression using empirical methods to test the company's equity factors, especially equity balance factors and information disclosure violations probability of occurrence . Chapter conclusions and policy recommendations. Empirical results revealed in front of checks and balances of the equity information disclosure violation In this paper, the actual situation of our country, the shareholding structure of listed companies in China for reference policy recommendations for how to improve on this basis, to the adoption of equity improve the structure of the control information disclosure violation occurred. The last is a summary of the research for this article, candid inadequacies and direction for further research can deepen and expand. Choose from Option 3. Conclusions this paper based on the perspective of outside blockholders information disclosure violations carried out systematic research, its contribution is: (1) In this paper, a comprehensive review of existing research results, information disclosure violations and in-depth analysis of checks and balances perspective to the point. Information disclosure violation is not only a violation of the policies and regulations the company shareholding arrangement of the system, it is hidden behind is the issue of the root cause. Little domestic research literature combined with corporate governance, information disclosure irregularities research article, especially empirical research articles. This article abundant domestic empirical research in the field of informative form a more complete analysis of the framework. (2) applicable to the specific situation of China's listed companies, empirical research concluded Specifically, the following important conclusions: (1) violations exposed the previous year, breaches the company's shareholding structure characteristics showed significant pairing Company different differences. Specific performance point of view from the stake, the the irregularities company's largest shareholder stake and ownership concentration is high, shareholders say that the checks and balances rather weak. From the nature of equity point of view, the controlling shareholder of the non-state-owned shares account for a large proportion of the violation of information disclosure of listed companies from the other side, the lower the proportion of non-compliance of the state-owned company. May be due to state-owned companies compared to more non-state-owned companies, not only to go through the oversight of the external audit, is also subject to the supervision of government departments, compared to non-state-owned listed companies to be more than an oversight of the barrier, relatively speaking, the state-owned companies the probability of non-compliance. ② Option excessive concentration leads to a certain extent, the occurrence of listed companies' information disclosure violations. This shows that a high concentration of shareholding in the listed company, the controlling shareholder of the lack of effective internal supervision and external supervision may be based on the interest and the formation of a \When a listed company controlled by minority shareholders, the controlling shareholder has the ability to access information and the power to manipulate information disclosure. The higher the degree of absolute control ③ controlling shareholder of listed companies are more prone to information disclosure violations. This conclusion explains the higher the degree of absolute control of the controlling shareholder, the more power and the ability to manipulate information disclosure, and increase information asymmetry between large shareholders and minority shareholders, and their access to resources from the listed companies to provide shortcut. ④ controlling shareholder \This conclusion is verified the \It can be said that the manipulation of information disclosure is one of the primary means of controlling shareholder of listed companies \Information ⑤ equity balance degree listed companies to disclose violations probability is negatively correlated. This conclusion explains the weak efforts of the checks and balances of the major shareholders of the non-affiliated shareholders of the relationship is the main reason for illegal information disclosure. Lack of effective checks and balances of the non-relationship shareholders in listed companies, weak supervision of the controlling shareholder of the controlling shareholder of the manipulation of information disclosure development of soil, so that many of the listed companies in the capital market, information disclosure is not timely, opaque, even false disclosure. ⑥ degree of similarity to the nature of the checks and balances of shareholders and the controlling shareholder equity listed companies with the information disclosure violation probability of no obvious relationship. This paper argues that the nature of the shareholders regardless of checks and balances is similar with the controlling shareholder of the information disclosure violations no larger. This shows, the controlling shareholder of the implementation of the \\4. Inadequate research and subsequent outlook because of academic standards and objective constraints, the paper still some inadequacies, need to be further improved in the future: (1) there are some limitations in the study sample paired. The pairing process, some paired samples are likely to also exist with similar information disclosure violations, but because there is no supervision layer is found to be comprehensive. As part of the data collection is difficult to give up the equity split between equity checks and balances and illegal information disclosure of listed companies in the pre-reform empirical research, can be added in the future of this part of the empirical evidence to contrast before and after the share reform equity the effect of checks and balances, so that the results are more convincing. (2) set of proxy variables some noise. Before empirical research, combined with the latest research results at home and abroad, and to maximize the proxy variables designed to close to the theoretical assumptions, but may still be considered thorough enough, so that the variable contains a certain amount of noise. Future if more thoughtful, select the shareholders of the nature of this variable, for example, to determine the shareholders in accordance with the \(3) research methods still need to improve. Existing research conclusions inconsistency in terms of correlation in the shareholding structure and the quality of information disclosure, and future efforts in finding a more robust and effective research methods. I believe that the latest research results is an effective means to learn from other areas.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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