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.

Research on Internal Control Information Disclosure of Real Estate Industry-Taking Taihe Group as an Example

After the outbreak of the Enron incident in the United States, China’s attention to internal control information disclosure has gradually increased. As a pillar industry of the national economy, real estate industry internal control system is sound, which has an important impact on social stability and healthy economic development. Therefore, this paper selects a company in the real estate industry, through the analysis of its internal control information disclosure, finds out its existing problems, and puts forward practical and feasible suggestions.

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.

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.

Customer Information Disclosure and Analyst Forecasts : Empirical Evidence from Analysts' Perspective

Based on the company's disclosure of key customer information,the impact of corporate customer concentration on analyst forecast was studied,and we further studied the impact of detailed customer names on analyst forecasts. It is found that:(i) customer concentration significantly affects the accuracy of analyst forecasts. The higher the customer concentration is,the lower the accuracy of analyst forecasts is;(ii) Voluntary disclosure of customer names can provide incremental information to analysts and mitigate the negative impact of customer concentration on the accuracy of analyst forests;(iii) further research has found that the incremental information brought by the state-owned enterprises' disclosure of the customer names to analysts is more obvious; disclosure of customer names by companies with high environmental uncertainty is more likely to be of concern to analysts; and star analysts have a higher ability to interpret customer names than non-star analysts.

Environmental Information Governance Reform in the Era of Big Data--From Information Disclosure to Public Service

The development of environmental information governance includes three phases: providing for oneself,information disclosure,and public service. And then China is in the transition and transformation of environmental information disclosure to the environmental information public service. The core of the transformation is public participation,in the whole procedure of environmental information supply decision making,production,and quality supervision and evaluation,etc. The target path of the environmental information governance reform includes five parts: improvement of public satisfaction,optimizing information disclosure,information quality control,integration of information resources,and multiple supply.

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.

Draw Lessons from International Experiences to Promotethe Information Disclosure of the PPP in Our Country

P P P 作为传统政府采购的创新形式,其项目信息公开制度既应具有传统政府采购的-般要求,也应具有自己的特殊性,这对增加社会资本的参与热情、防止公共采购的腐败、倒逼项目提高质量具有重要意义.借鉴国际金融组织在P P P 项目信息公开方面较为成熟的政策与规定,并根据世界各国的具体实践,提出中国P P P 项目信息公开方面的具体建议,明确敏感信息的界定与公开方式,同时利用中国P P P 综合信息平台的运行,构建中国政府采购的质疑投诉机制,建立完整的报价体系和信息公告制度.

Definition,measuring methods and status of carbon information disclosure in Chinese enterprises

From the perspective of carbon disclosure goal,the paper defined the detail types of contents about carbon information disclosure,then constructed the carbon information disclosure index,by using the indices to 2011 annual report of A-share listed companies in Shanghai and Shenzhen Security Exchange,we found that Chinese enterprises' carbon disclosure scattered,industry structure quite different characteristics,quantity information and quality information asymmetry.

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.

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 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.

An Empirical Studyon the Impact of Corporate Social ResponsibilityInformation Disclosure on EquityCapital Cost

Taking public companies of Shenzhen A-share as samples,the paper analyses the impact of CSR disclosure on the cost of equity capital and the differences in various disclosure ways.The empirical results show that:the CSR disclosure has negative correlation with the cost of equity capital,and different ways of disclosure are not relative to the cost of equity capital.Corporate social responsibility information disclosure plays a critical role in the company's management.

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.