Empirical Study on the Impact of Information Disclosure Quality on Listed Companies' Value

DOI

10.2991/icefs-17.2017.15How to use a DOI?

Keywords

Information Disclosure Quality, Listed Company, Company Value, Tobin's Q.

Abstract

Firstly, this paper analyzes the information disclosure status of A-share listed companies in Shenzhen Stock Exchange. Through the statistics and analysis of information disclosure assessment results, it finds out that the information disclosure level of listed companies has been obviously improved. This result shows that relevant rules and regulations of information disclosure implemented in recent years played a certain role. Secondly, using the data from 2013 to 2015 as a sample, taking Tobin's Q value as the surrogate variable of the company's value, the assessment result of the Shenzhen Stock Exchange's information disclosure as the substitute variable of the information disclosure quality, introducing the relevant control variables, establishing regression model to empirically analyze the impact of quality of information disclosure on enterprise value. The results indicate that the quality of information disclosure of listed companies has a positive correlation with the value of the company.

Copyright

© 2017, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Dongwu Niu
AU  - Heng Ma
PY  - 2017/01
DA  - 2017/01
TI  - Empirical Study on the Impact of Information Disclosure Quality on Listed Companies' Value
BT  - Proceedings of the 2017 International Conference on Economics, Finance and Statistics (ICEFS 2017)
PB  - Atlantis Press
SP  - 177
EP  - 183
SN  - 2352-5428
UR  - https://doi.org/10.2991/icefs-17.2017.15
DO  - 10.2991/icefs-17.2017.15
ID  - Niu2017/01
ER  -