Reflections and Improvements on China’s Asset-Backed Securities Information Disclosure System

Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.

A Method of Eliminating Information Disclosure in View Publishing

Although it is convenient to exchange data by publishing view, but it may disclose sensitive information. The problem of how to eliminate information disclosure becomes a core problem in the view publishing process. In order to eliminate information disclosure, deciding view security algorithm and eliminating information disclosure algorithm are proposed, and the validity of the algorithms are proved by experiment. The experimental results showing, deciding view security algorithm can decide the safety of a set of views under prior knowledge, and eliminating information disclosure algorithm can eliminate disclosure efficiently.

Study on the environmental information disclosure of Chinese forestry enterprises

Environmental accounting is a kind of accounting which focuses on the compensation for the resources spending. It combines the theories of environmental economics and traditional accounting and uses scientific as well as systematic ways to coordinate the development of economics and the protection of environment. It is just in the primary process for forestry enterprises in China to introduce the research and practice of environmental accounting. Based on discussion about the principle of environmental information disclosure and analysis on the current situation of the environmental information disclosure of the forestry enterprises, this paper attempted to propose that the supplementary report mode of information disclosure should be appropriate for the forestry enterprises, which provide the balance sheet of environment, the income statement of environment besides the original three financial report to reflect the general environmental information of the enterprise.

Evolution of corporate environmental information disclosure framework of “knowledge and action”: Based on big data background

Cloud accounting is based on the traditional financial work process, the context of big data, and the necessary trend of future corporate accounting development. Its emergence and rapid development will have a fundamental impact on corporate environmental information disclosure. In the big data era of information sharing, companies will have a new understanding of the emergence, balance, and final consideration of social responsibility, and will have new changes in their overall decision-making and information disclosure methods. "Knowing" and "behavior" will be combined on the basis of rational judgment, so that corporate environmental information disclosure is more in line with the overall social development requirements. Based on the background of big data, this article starts with the disclosure of impact factors, footholds, and path choices. It describes the evolution of corporate environmental information disclosure and provides reference suggestions for enterprises to disclose environmental information truthfully and perform social responsibilities.

Empirical Research on Factors Influencing Level of Environmental Protection Information Disclosure in Annual Reportsby Listed Companies

Taking 248 A-share manufacturing listed companies in 2006 Shanghai Stock Exchange as example, using "index method" to measure level of environmental protection infor-mation disclosure, this paper examines the factors influencing level of environmental protection information disclosure. The findings show that the disclosure level has improved, but the overall level is still low and unable to satisfy information users; there is positive correlation between corporate size, industry type, accounting firm's type and corporate environmental dis-closure index. The companies of large scale and heavy pollu-tion and those audited by international "Big 4" and domestic "Big 10" accounting firms have a high level of environmental disclosure, while the profitability and financial leverage has no impact on the disclosure level. Finally some suggestions are put forward to establish environmental information disclosure sys-tem in China.

Research on environmental accounting information disclosure for thermal power enterprises in China： Current situation, countermeasure and implement way

Along with the unceasing expansion of the human society production and the economic activity scale, the influence and harm of the social economy to the global environment is more and more serious. As one of the high-polluting industries in China, the environment problems of the thermal power enterprises attract attention from the country and society. It is crucial for the country to improve the laws and regulations about the disclosure of environmental accounting information gradually, and the thermal power enterprises should also disclose more valuable environmental accounting information to the public. This paper analyzes and elaborates the current situation, countermeasure and implement way of the environmental accounting information disclosure systematically.

The Effect of Information Disclosure Quality on Stock Price Crash Risk： Evidence from Listed Companies in China

From most prior studies, the effect of information disclosure quality on stock price crash risk is negative. However, using a large sample of Chinese firms for the period of 2001-2012, we fmd a nonlinear U-shape link between information disclosure quality and crash risk. Using synchronicity risk indicator R2 as the proxy of information transparency, we find that opaque In＇ms, as well as excessive transparent firms, are both more prone to stock price crashes. We identify one possible mechanism through which excessive transparency increases crash risk： excessive volatility augments volatility feedback effect and overreaction effect and then increases crash risk.

Study on Game Model of Information Disclosure and Supervision

In recent years, the infringements of information disclosure are conspicuous in listed companies in China, which has seriously impeded the healthy development of the capital market. In this paper, the results of regulations of the infringements by means of the game theory and our findings suggest that we should witness less cases of violations when we intensify own efforts to check up and punish those violations, and lower the return of the infringement. At the same time, we would increase the effect of supervising violated behavior when we strengthen the deterrence.

The market reaction on the human resources information disclosure in Chinese listed companies

In this paper, the author uses the listed company＇s annual report and financial statements to do the empirical research, the selected areas are information technology industries. The results show that the average age of employees, professional proportion, and the average assesses and executives＇ shareholdings have no significant impact with P/B. The industry statistics revealed no significant impact between average age and P/B because each group of age has its own advantages. By using these indicators, the author can improve the human resources information voluntary disclosure, make the disclosure of information comparable, and provide the empirical reference to the listed companies.

The Effectiveness of Information Disclosure on Listed Banks

In essence, this market is an information market, and the flow of information leads to the allocation of resources. Enhancing the effectiveness of information disclosure can make the information exchange between different market participants freely and effectively, so as to optimize the distribution of market resources, and promote the health of the entire capital market to develop rapidly and sustainably. As an important part of a country＇s financial, bank has a special corporate form and link with many different broad stakeholders, whether the information disclosure effective or not, the bank exert more influence to the capital market and society compared with ordinary businesses, what＇s more, the negative effect by the asymmetric information or disclosure failure is also far more big than ordinary enterprises. William Mcdonough, former chairman of the Basel committee on banking supervision, once said： ＂the greatest enemy of financial stability is a loss of confidence, but the greatest damage to the confidence is the lack of reliable information.＂ Therefore, ensuring the quality of information disclosure and enhancing the effectiveness of listed bank information disclosure have a very important practical significance on safeguarding the legitimate rights and interests of the majority of investors and stakeholders and stable financial order.

Research on Environmental Accounting Information Disclosure of Listed Company under Low Carbon Economy

Since entering into the new century,domestic society develops rapidly,a variety of advanced ideas are constantly introduced into our country,the awakening of people’s ideology also makes the society develop greatly.Low carbon economy is a new economic concept,which is the need of achieving sustainable development of society,and the requirements of the times.With the development of economy,more and more domestic listed companies appear.In listed companies,there are still many problems and shortcomings in the disclosure of environmental accounting information,which need improving constantly.This paper mainly studies the problems of environmental accounting information disclosure of listed companies in low carbon economy,and puts forward some specific suggestions and measures,to promote the development of listed companies.

Off- balance- sheet Information Disclosure of Listed Bank Derivative Financial Instruments

With China＇s progressive multi-level capital market strategic direction, as well as the gradual implementation of the mixed operation of commercial banks. Derivative financial instruments will be further developed in commercial banks. This paper focuses on the information disclosure of derivative financial instruments by commercial banks, combined with the standard of disclosure of off-balance-sheet information of international derivative financial instruments, using the disclosure index and project disclosure ratio to analyze the disclosure of derivative financial instruments of listed banks in our country, Off-balance sheet information disclosure, and puts forward suggestions on how to further improve the quality of off-balance-sheet information disclosure of derivative financial instruments in China.

The Effect of Social Responsibility Report Audit on the Quality of CSR Information Disclosure --Empirical Data from Chinese Listed Companies

As an important corporate govemance mechanism, external audit helps to improve corporate economic performance. Social responsibility report audit can supervise and constrain the disclosure of corporate social responsibility information, risk assessment and consulting planning, and improve the quality of information disclosure. Taking 2010-2013 listed companies in Shanghai and Shenzhen as samples for empirical test, we found that social responsibility report audit significantly improved the quality of corporate social responsibility information disclosure. Further study found that the greater the intensity of corporate shareholder oversight, social responsibility report audit on the quality of social responsibility to promote the quality of information disclosure more obvious. In addition, compared with the state-owned enterprises, the supervision of the major shareholders in the private enterprises to a greater extent enhanced the quality of social responsibility information disclosure.

Analysis on Green Accounting Information Disclosure of Chemical Enterprises Under Low-Carbon Economy

In the current era of low-carbon economy,environmental governance and energy conservation have become major issues,in which chemical enterprises with high pollution and consumption have naturally attracted much attention.The disclosure of green accounting information is indispensable to the continuous development of chemical enterprises and even the whole society.Therefore,based on existing research results,this paper analyzes the existing problems and causes of green accounting information disclosure of chemical enterprises in China under low-carbon economy,and puts forward suggestions for solutions.

Problems and Suggestions of Corporate Green Accounting Information Disclosure Under Low Carbon Economy

With the continuous deepening of the concept of sustainable development in modern society,the accounting requirements of agricultural and animal husbandry enterprises are increasing under the background of low carbon economic growth.In the face of the increasingly prominent environmental issues,it is imperative to focus on the development of green accounting and improve the accounting information disclosure level of agricultural and animal husbandry enterprises on the whole.Through analyzing the issues in green accounting information disclosure of agricultural and animal husbandry enterprises under the low carbon economy,we have a clearer understanding of the green accounting information disclosure of agricultural and animal husbandry enterprises,which is conducive to proposing countermeasures that can improve the level of environmental information disclosure from its roots.

Game for Information Disclosure and the Auditing Institution

This paper takes Principal-agent Theory as the basic analysis flame to analyze the modern corporate principal and agent in a state of the two sides in asymmetric information on the basis of self-interest maximization, and the game strategy which revolves the information disclosure and hideaway to launch, and therefore can get the game way which causes the auditing institution. The equilibrium in game of the information disclosure causes the auditing institution, the expense and cost which the audit profession consumes is the company governs reduces the information not asymmetrical diligently center essential agency costs.

Mandatory information disclosure and innovation:Evidence from the disclosure of operational information

We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the impact of mandatory information disclosure on corporate innovation.We find that companies subject to mandatory operational information disclosure show significantly increased innovation.This effect is pronounced for companies classified as non-state-owned enterprises,facing severe financing constraints and a high degree of shareholder tunneling behavior and in competitive and high-tech industries.Although mandatory operational information disclosure reduces their competitive advantage,companies appear to compensate by increasing innovation.Our study highlights the positive impact of mandatory operational information disclosure,indicating that it contributes to the highquality development of both capital markets and companies.

Interactive information disclosure and non-penalty regulatory review risk

Using monthly data from the Shenzhen Stock Exchange's‘Hudongyi’platform and comment letters from December 2014 to December 2018,this study investigates the influence of interactive information disclosure on non-penalty regulatory review risk.The findings reveal that the richness and activeness of interactive information disclosure are positively associated with regulatory review risk.Moreover,the non-penalty regulatory review is effective as it significantly reduces the probability of receiving a comment letter in the subsequent three periods.The timeliness of interactive information disclosure is negatively associated with regulatory review risks.Additionally,we find that newspaper media coverage partially mediates the relationship between interactive information disclosure and regulatory review risk.For companies with low levels of internal governance,in low-competitive industries,and state-owned companies,the positive relationship between the number of investor questions and regulatory review risk is strengthened.These findings enrich the literature on the determinants of regulatory review risk and the economic consequences of interactive information disclosure in emerging markets.

An implementation assessment of China's Environmental Information Disclosure Decree

China＇s 2007 Open Government Information Regulations is widely considered as a milestone in the country＇s information policy history and is praised as a ＂sunshine program＂. The Environmental Information Disclosure Decree was the first to operationalize these general regulations into a sectorai information disclosure system on environment. This study assessed the implementation of the environmental information disclosure system about six months after the Decree took effect on May 1, 2008. Through reviewing the websites of all 31 provincial Environmental Protection Bureaus and the Ministry of Environmental Protection, conducting an experiment with actual information disclosure request, and through interviews with all provincial Environmental Protection Bureaus, this article concluded that the implementation of the environmental information disclosure system still fails short. Future improvements should focus on further publicity of the regulations and decree to enhance public participation, the establishment of an independent evaluation and supervision system for information disclosure, the exchange of experiences and best practices among provincial Environmental Protection Bureaus, and on strengthening the legal status of environmental information disclosure.

Labor protection,information disclosure and analyst forecasts:Evidence from China's Labor Contract Law

Labor protection increases employees’stability and strengthens their monitoring role,improving firms’information environment and increasing analysts’earnings forecast accuracy.Using the implementation of China’s Labor Contract Law as a quasi-natural experiment,we find that labor protection significantly improves analyst forecasts.This positive impact is stronger when agency problems are weaker,board independence is greater,corporate reputation is better and industry competition is more intense.Enhanced labor protection significantly reduces firms’business risk and accrual-based earnings management,decreases stock price synchronicity and increases market pricing efficiency.Our findings of significant impacts of China’s Labor Contract Law on analysts’forecasting behaviors offer important guidance for promoting the development of the Chinese capital market and policy making in labor protection.