Dissertation > Excellent graduate degree dissertation topics show

The Impact of Ownership Structure on the Voluntary Disclosure

Author: LiBo
Tutor: PengShaoBing
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Ownership structure Equity balance degree Split share structure reform Voluntary Information Disclosure
CLC: F276.6;F224
Type: Master's thesis
Year: 2010
Downloads: 237
Quote: 0
Read: Download Dissertation

Abstract

Voluntary information disclosure of listed companies is closely related to corporate governance, ownership structure as an important part of corporate governance should have a profound impact on voluntary disclosure of information. The same time, as the system in the process of economic transition arrangements, the equity structure of listed companies in China there are special subjects tradable shares and non-tradable shares split many problems, which makes China listed company equity structure and foreign companies compared with it particularity. Throughout the research of Chinese scholars on voluntary information disclosure: First, in the context of split share structure reform, changes in shareholding structure as an important part of corporate governance, whether China's voluntary disclosure of a significant impact on research The relative lack; Second, the impact of ownership structure on voluntary information disclosure is mainly focused on its impact on the equity concentration, and no consistent empirical conclusions. Empirical research in all aspects of the same model examined in the shareholding structure of the voluntary disclosure of information. Therefore, in this context, the split share structure reform under the ownership structure has important practical significance of the impact of the voluntary disclosure of information. In this paper, the split share structure reform, to January 1, 2006 to 2006, the share reform of listed companies as samples, use of these listed companies in 2004, 2005, 2006, 2007 voluntary information disclosure in the annual report of the change, the analysis in the equity division reform under the impact of ownership structure on voluntary disclosure of information. 1, analysis of voluntary information disclosure of listed companies of the split share structure reform changes, as well as the characteristics presented. By building voluntary disclosure index in line with the characteristics of China's capital market, to quantify voluntary information disclosure of listed companies. Reform of listed companies for a share split, the voluntary disclosure of information preferences render what characteristics? Tend to voluntarily disclose what kind of information the disclosure of the types of information and less? Split share reform of listed companies improve voluntary the level of information disclosure? test our special ownership structure on voluntary information. This paper presents research assumptions, voluntary disclosure index as the dependent variable, ownership concentration, ownership structure equity balance degree with equity attributes as explanatory variables, such as asset size, profitability, listing venue for the control variables, the establishment of a pluralistic regression models to determine regression model, a reflection of reality, and then propose how to improve on from the improvement of the shareholding structure of the voluntary information disclosure level. The article is divided into six chapters, the structure and the contents are as follows: Chapter 1, Introduction. This chapter introduces the research background, research purpose, research ideas, and the main contribution. Split share is a special phenomenon in China's capital market is not visible in other capital markets. Carried out the split share structure reform as an important part of corporate governance, shareholding structure change, thus the study of the impact of voluntary information disclosure is lacking, therefore, in this context, select the split share reform under the equity structure to study the impact of the voluntary disclosure of information. The second chapter, the literature review. Voluntary information disclosure of listed companies is bound to increase the cost of information disclosure, listed companies whether of motive voluntary disclosure of information about it? This chapter summarizes the domestic and international literature on voluntary information disclosure in listed companies found motives of voluntary information disclosure can be divided into five categories: capital markets transactions motivation, motivation of management to maintain control over the management equity incentive motivation, litigation costs motivation, managers to signal passed motivation. Foreign scholars in the specification and empirical research have reached a certain breadth and depth. Our research concentrated on the study of the specification, and do not have a complete voluntary information disclosure motivation to carry out a full range of elaborated China's capital market, the major motivation specification only sporadically, no the integrity of the argument. For the shareholding structure of the research on the impact of the voluntary disclosure of information on the foreign research related to all aspects of shareholding and management, institutional ownership, the proportion of state-owned shares achieved the unification of normative and empirical research. Our scholars learn from foreign scholars appear very different results with foreign scholars on the empirical research of the impact of our shareholding structure of voluntary information disclosure. Chapter III, the voluntary disclosure of information theory analysis. This chapter begins by defining the definition of voluntary information disclosure, the theoretical basis of the voluntary disclosure of information, from contract theory, information asymmetry and signal transmission theory to analyze the motives of the listed companies to disclose additional information. Summarizes the existing literature on the measurement of the level of voluntary disclosure of information by authoritative index construction and content analysis to build their own index, analysis, and pointed out that not authoritative index feasibility of voluntary information disclosure level. So learn Botosan index system, to fully integrate the institutional background of the capital market in China, according to China's special voluntary disclosure of voluntary information disclosure measure reconstruction. Chapter IV, the shareholding structure of listed companies analysis. This chapter first expounded the definition of equity structure, ownership structure measure from three angles of ownership concentration or dispersion and equity balance degree as well as equity properties. Second, our special ownership structure as well as the split share structure reform of the shareholding structure of listed companies. Optimized through statistical analysis, the split share structure reform of the shareholding structure of listed companies in China does play. Finally, the theoretical analysis of the impact of China's equity structure of the voluntary disclosure of information. The split share structure reform had an impact on the shareholding structure of listed companies, because there is a close relationship between the ownership structure and corporate governance, optimize the shareholding structure, while also promoting the improvement of corporate governance. In other words, the split share structure reform through the shareholding structure of the intermediate variables indirectly affect the corporate governance of listed companies. Corporate governance environment generated by the accounting information to a large extent, it will affect the quality of accounting information, therefore, the ownership structure of the accounting voluntary information disclosure is to play a role through the framework of the corporate governance structure of its foundation. Chapter V, the shareholding structure of empirical research on voluntary information disclosure. This chapter before the theoretical groundwork and existing research results, combined with their own analysis of the hypothesis. Ownership Concentration and equity balance degree to measure the number of structure of the shareholding structure, the proportion of state-owned shares, the management stake to measure their nature structure. At the same time, due to our unique split share phenomenon tradable shares and the presence of non-tradable shares divided, therefore, the shareholding structure of the measure also incorporates the proportion of the outstanding shares of the total share capital to measure. Above variables as independent variables, the voluntary disclosure index as the dependent variable, the relevant variables as control variables, through the establishment of a multiple regression equation Empirical Analysis of ownership structure on voluntary information disclosure. The results show that: the overall low level of information disclosure of voluntary; equity higher the degree of checks and balances, the higher the level of voluntary information disclosure; split share structure reform to change our unique split share phenomenon voluntary information disclosure has a significant role in promoting. Thus, to improve and to form a reasonable ownership structure for the listed companies, shareholders and other stakeholders are favorable. At the same time, due to the voluntary disclosure index system on the basis of the established indicator system of voluntary information disclosure in Botosan, combined with the specific situation of China's listed companies and established. Select entry from disclosure, or specific disclosure subjective estimation of the levels of detail are very dependent on the evaluators, and therefore can be said that the disclosure of the index itself is the product of a subjective estimate. In order to ensure the validity and reliability of the scores of voluntary information disclosure, the chapter concludes with the effectiveness of voluntary information disclosure scores further verification, and come to a voluntary disclosure of information research in fraction value is reliable. Chapter VI, policy recommendations and limitations. Summarized in this chapter for the aforementioned theoretical and empirical research, policy recommendations for improving the level of voluntary information disclosure based on the shareholding structure. Summarizes some of the limitations of this study, and discuss and sort out the future research directions, to determine appropriate targets in future research. The main contribution of this paper is to: 1, through empirical research, using the fact that the data tested positive impact of equity division reform, carried out China's voluntary disclosure of information generated. Our voluntary disclosure of information is based on the split share structure reform in China this large context. Changes in corporate governance of listed companies voluntarily disclose information changes will lead to its management of split share structure reform to some extent in order to improve the corporate governance of the listed companies in China. Change the corporate governance structure due to the split share structure changes, and thus the effects of voluntary information disclosure is rarely discussed in the previous literature. This paper specification theoretical analysis and empirical data inspection proved the split share structure reform to change the split share our unique phenomenon for voluntary disclosure of information has a significant role in promoting. On this basis, it is proposed to optimize the equity structure of listed companies in China to improve the company's voluntary level of information disclosure policy recommendations, to avoid from one extreme to another extreme, that the the split share under the state-owned shares \full circulation under the options are too scattered. 2 novel use of outside blockholders to measure the equity structure and impact of voluntary information disclosure. Throughout the domestic and international study found that the impact of ownership structure on voluntary information disclosure focused on its impact on the equity concentration, and did not get a consistent empirical conclusions. Measure of our equity structure, previous literature there is little discussion of equity balances voluntary information disclosure. In this paper, the study found that an appropriate increase in the ability of the checks and balances of the other shareholders (such as the second and third largest shareholder) largest shareholder, to reduce the stake of the largest shareholder, while other shareholders are encouraged to actively participate in corporate governance, conducive to voluntary of accounting information amount increased.

Related Dissertations

CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
© 2012 www.DissertationTopic.Net Mobile