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Accounting information disclosed in the securities market

Author: GuanMin
Tutor: FengJian
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Accounting Information Disclosure Stock market Accounting controls Accounting information supplied Strong Form Information disclosure Reallocation of resources Capital markets Disclosure of status Reflect the mechanisms
CLC: F230
Type: Master's thesis
Year: 2000
Downloads: 358
Quote: 0
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Abstract

China Business Summit in 2000, Gao Xiqing, vice chairman of the China Securities Regulatory Commission, the message will continue in the future to reduce government intervention in the securities market, at the same time to strengthen the information disclosure of listed companies. And requires the company listed in the proposed Shenhu on the second board market every March to disclose information once. This clearly shows that China's securities market will be full disclosure of information as the basis to establish a fair market order. Accounting information is one of the most important part of the securities market information, and thus, the collection, processing, transmission accounting behavior and its oversight of the accounting information should become the focus of attention of the securities market. This paper studies the behavior of accounting information disclosure of listed companies in the stock market, and explore how the stock market into a considerable transparency, fair and orderly market. In this paper, a method of combining normative and empirical, and the use of the the western economics of supply and demand theory, game theory, the theory of public goods. The paper discusses the significance of the information to play the stock market functions from the function of the stock market. Then, use of efficient capital market theory theorists now relatively mature, respectively on behalf of the U.S. stock market as the second strongest effective and our weak-form efficiency of the stock market's information disclosure status has not yet reached, and according to their different circumstances some Countermeasures. This article is not to get the two to make a simple comparison, but think that although the situation in the United States after China's stock market is not necessarily the only way, but the U.S. stock market of reference still interested in the development of China's stock market and mature. This paper is divided into three parts. The first part describes the basic functions of the stock market, and the pricing mechanism functioning depends. The basic functions of the stock market: financial intermediation, to share the risk, reallocation of resources, reduce transaction costs, provide property rights liquidity to reduce monitoring costs. The two acquisitions through the capital market: Time Warner and AOL, resources for the capital market in Hong Kong PCCW acquired Hong Kong Telecom to configure function to cast a red-letter. In addition, China's stock market has been given a \; through stock diversification of property rights, the formation of modern corporate governance structure to address government intervention attempts from both lt; WP = gt; the main micro market economy to shape. The realization of the above functions are not from the reasonable price, it is the soul of the stock market. The supply and demand of the stock market pricing power is by the capital market, the labor market and product market competition and corporate mergers pressure, as well as on information disclosure mandatory controls and are subject to cost constraints. Produced with the United States on behalf of a giant invisible hand - the information behind. Information so that the supply and demand of both the value of the property rights to make their own interpretation, and performance in terms of prices and the movements. Empirical accounting research shows that developed in the 1970s, accounting information can be passed to the most critical information for determining the value of the stock: expected cash flows and the expected rate of return. Information disclosure can reduce or even defuse some risk securities market, to avoid adverse selection, improve the credibility of the market, thus increasing market liquidity and improve market efficiency. Therefore, the accounting information is crucial for the modern capital market. The second part describes the first efficient capital market theory. A market meet the conditions, can be divided into different markets. Fully efficient market should meet the following four conditions: the effectiveness of information disclosure, information from the public to accept the validity information recipient received information to determine the effectiveness of and can accurately according to his judgment, the action in a timely manner. Due to the different conditions are met, the United States and China, respectively, belong to a the times strong market and has not yet reached the weak-form efficiency of the stock market, this paper describes the status of their information disclosure. U.S. stock market as the second strongest, the effectiveness of its public information compromised mainly smoothed profit for the existence of insider information and accounting information transfer, the techniques are varied, the main reason is commissioned - agency relationship reflects in practice. Information disclosure in China then there is the issue of the following aspects: the non-disclosure of information initiative, arbitrariness, hysteresis and discontinuity, the more serious is the falsity of the information, and there are many reasons: the stock market is too small in scale, available The choice of investment channels too little serious contradiction between supply and demand of funds, supply greatly exceeds demand. In the competition without a considerable degree of demand for funds by the circumstances, the listed companies of course no power to disclose full information as information guide capital flows; imperfect accounting standards, and opened the door to artificially manipulate information disclosure; intermediary institutions, whether from the quality and quantity of services also far from being able to meet the needs of the securities market; specific institutional factors in China's securities market; imperfect system of securities laws, the laws and regulations of the convergence between imprecise, the punishment is not enough. The third part is the focus of this article. Accounting information as the product of accounting behavior. According to the principles of economics, when demand and supply and demand forces are free to play a role in the price measure of the degree of scarcity of resources, then the amount of product output is the best. So, in this article from the supply and demand lt; WP = 4 gt; aspects of accounting information. Accounting information needs to reflect the mechanism of formation and demand decide whether to establish whether the real needs of groups. Times strong and effective market supply schedule of the accounting information, the information needs of groups have formed, unimpeded demand reflects the mechanism. To improve the efficiency of information disclosure, should start with the supply side of the accounting information. The most important thing is to increase the the voluntary disclosure power and reasonable accounting controls. Design a new financial instruments - with freely ordinary shares for redemption option, so that the internal disclosure of a fuller, more accurate information. This is not mature tool design are still some technical issues to continue to study. At the same time, traditional accounting controls now cause a lot of controversy in theoretical circles. This paper demonstrates the necessity of accounting control simple game theory model. Although we never know where the best point in accounting controls, but the way we used trial and error in practice its growing near. Of whether the market economy or capital markets were not fully developed, the stock market is still in effective transition phase from invalid that information publicly validity of information from the public to the validity of the received investor information to make judgments effective and the root?

Accounting information disclosed in the securities market

Abstract

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