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    Information is one of the key factors for the effective operation of the modern market economy，Information asymmetry is the basic problem that restrict economic operation and economic efficiency。To maintain the healthy development of the capital market，Optimized market resource allocation efficiency，Protect the rights and interests of investors and other stakeholders，Listed companies should fully disclose high -quality financial information，This has become a consensus of people。

Non -financial information has strong information elasticity

Although financial information can reflect the overall financial status and operating performance of the enterprise to a certain extent，But due to accounting confirmation、Measurement and other factors restrictions，It is mainly for the past，It is an image reflection of the historical operation of the enterprise，Poor correlation and timeliness，Many important information cannot be disclosed through traditional financial statements，It is more and more difficult to meet investors to accurately understand the company's business status and predict future performance needs，and the influence of the theory of the stakeholders is increasing，The scope of information needs also continuously expand。If employees pay more attention to welfare benefits、Vocational Training、Working environment，Bet365 lotto review The government pays more attention to environmental protection、Social Responsibility Performance and other information。From this，Add non -financial information disclosure，To enhance the usefulness of financial reports，has been widely recognized by the theoretical and practical circles。

The overall trend of the "Contents and Formats of Annual Report", which has been revised in recent years, has been revised in recent years, "The content and format of the annual report" of the annual report，The China Securities Regulatory Commission's emphasis on the disclosure of non -financial information of listed companies is continuously strengthened。If it is revised in the document 2007，The Securities Regulatory Commission clearly requested that listed companies should be in the board report，Discover the outlook for the future development of the company，Including & ldquo; The company shall prompt investors to prompt the future company development opportunities and challenges that the company is concerned about，Discover the company's development strategy，and the new business to be carried out、New products to be developed、New projects to be invested & rdquo;。2011，The Securities Regulatory Commission encourages listed companies to disclose the production volume of major products that have a significant impact on investors' decisions、Sales volume、Inventory and market share such as non -financial information。，Shanghai Stock Exchange、Shenzhen Stock Exchange and other institutions also introduced similar rules and regulations，bet365 Play online games Encourage listed companies to disclose more non -financial information。

Although non -financial information has obvious advantages in terms of correlation and timeliness，But compared with financial information，It is often difficult to be confirmed or audited immediately，Poor testability，and have strong information elasticity，Even if it is questioned by those with external interests，Managers may also use their own information advantages to make rational exemption explanations。For example，Poor performance can be attributed to the external macroeconomic situation、Natural disasters, etc. that have nothing to do with themselves，So as to achieve the purpose of & ldquo; Lottery and unload & rdquo;。So，Regarding whether listed companies will definitely disclose high -quality non -financial information，There is a certain controversy。At present, there are two very different views: information concept and opportunism (also known as impression management)。Due to the mature development of the Western capital market，The legal system and regulatory system is relatively complete，Market intermediaries such as financial analysts are more developed，It can improve the quality of information disclosure to a considerable extent，So the useful information view of non -financial information is occupied。Because of this，Encourage the company to disclose more non -financial information，Consensus of becoming the theoretical and practical circles。Non -financial information for predicting future development prospects，It was originally considered & ldquo;，Discovery by the US Securities and Bet365 lotto review Exchange Commission，But subsequent formulation and revision & ldquo; Safety port system & rdquo;、Private Securities Litigation Reform Act (PSLRRA)，The US Securities and Exchange Commission not only encourages the company to disclose similar information，and also provide a free protection system for possible prediction deviations。

Company, market, and government do their own jobs

In recent years，my country's capital market is developing rapidly，But compared with the capital market of Western developed countries with a history of century development，Development is not very mature，belonging to the typical emerging market。Scholars discovered，Under the background of the special system of emerging markets in my country，Some listed companies are out of self -interest，More inclined to disclose information that is good for it，More listed companies deliberately disclosed that some of them are not sufficient feasible、Hope that investors & ldquo; Popularity & rdquo; help it succeed & ldquo; inducement & rdquo; information。and the purpose of using information disclosure signal display，Managers tend to make information disclosure look more reliable and timely，to confuse the market and the majority of small and medium investors，Therefore, you can more conveniently enjoy the control of control。Such as the case of false statement in Hangzhou Steel Structure in 2007，Managers only disclosed the company's plan to invest in Angola's Angola residential project，The total amount of the contract is as high as 34.4 billion yuan，But the risks that may exist in contract items are not fully disclosed。

The above facts indicate，bet365 Play online games Opportunities Views more common in my country，Low -quality non -financial information reduces the resource allocation efficiency of the asset market，damage the rights and interests of investors。So，How to improve the quality of non -financial information，Focus on the attention of the government and scholars。Combined with existing research literature，The author summarizes the following measures。

(1) Continue to improve the company's internal governance mechanism。Comprehensive company internal governance can improve the quality of non -financial information disclosure through two channels，Enhance the view of the motivation of the motivation。The first is an incentive mechanism。A comprehensive incentive system helps to maintain the interests of managers and external investors，Make the manager work better for the overall interests of the company，to reduce moral risk，Relieve agent conflict。The second is the supervision function。Company governance as an important control mechanism，It can inhibit the administrator's opportunist behavior，Decisions made by those internal managers who chase the control of their own interests，The principle of maximizing the overall value of the company。

(2) Give full play to the role of market intermediaries, especially financial analysts。Financial analysts use their professional expertise，It can accurately interpret non -financial information disclosed by the company to a large extent，Taking this as an important reference standard，Make an estimate of future performance，It plays a role in communicating the bridge between the bet365 best casino games company and investors。my country's financial analysts and other market intermediaries，rapid development in recent years，But in terms of professional standards or professional reputation，Still need to be further strengthened。

(3) Vigorously build a legal system and regulatory system。The external legal system and regulatory system plays an important role in improving the quality of non -financial information，You can directly discover various disclosure of violations and give appropriate punishment，It can also be played through other indirect mechanisms。For example，You can improve the quality of financial information，Make managers' false disclosure attempts from being inhibited by the disclosure of high -quality financial information afterwards，to weaken the chance of the manager's disclosure of motivation。

To sum up，Company governance can inhibit false statements during the information production stage，Market intermediaries and the government use professional knowledge and administrative authority，Play an important role in the circulation link。Division of the three parties is interconnected，to achieve the ultimate purpose of improving the quality of non -financial information。

(Author Unit: School of Business Administration, Northeast University of Finance and Economics; Institute of Chinese Company Governance of Nankai University)

    Please indicate the source:China Social Science Online