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The Study on Information Discloure Mechanism to Solve Financial Agency Problem

Author: LiuYanChao
Tutor: ZhangShuangCai
School: Hebei University
Course: Accounting
Keywords: Information problems Agency problems Mandatory disclosure Voluntary Information Disclosure Audit
CLC: F832.51
Type: Master's thesis
Year: 2005
Downloads: 130
Quote: 0
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Abstract


In modern financial markets and corporate system , due to capital providers and capital users and corporate ownership and control of the separation , would have a conflict of interest between managers and shareholders , shareholders and creditors , namely the financial agency problems . This paper first proposed the problem of information asymmetry in the capital market financial agent . Information asymmetry will produce \The information problem is the users of capital , entrepreneurs and corporate managers , more often than the providers of funds , that is, the majority of investors , has more information on the value of investment opportunities and business conditions , and tend to exaggerate their value and business level. Therefore , investors in making investment decisions when faced with an \Agent problem is that once the investor has to make decisions , to put money into enterprises , enterprise managers will tend to press the self- interests of the principle of maximizing the use of funds to undermine investors' interests , \Solve the above two problems , the paper mainly discusses the information disclosure mechanism to solve the problem of information asymmetry caused by the financial agent . In the capital markets , the investor access to information : the company 's financial reports ( including financial statements , Statements , Management Discussion and Analysis and other disclosure documents ) , corporate voluntary disclosure of information ( including management's forecast of financial analysis reports, online public information meetings , press releases and company website ) and information intermediaries (including auditors , financial analysts , industry experts and the financial media , etc.) . In addition, the company to investors through the capital structure, dividend policy , and other forms of indirect convey information about the value of the company . Therefore, this paper is mainly from mandatory disclosure , voluntary disclosure and independent third-party information provider's perspective , analysis of the economic principles of the mechanism of the three types of information , disclosure content , credibility and Assurance as well as empirical research reveals the reality of the situation . Finally , the article discusses the information mechanism of the status quo and problems of China's capital market , and put forward a method to solve these problems in order to further perfect the mechanism to enhance the effectiveness of China's capital market .

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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