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3871The production and transmission of accounting information is of great value in the capital market infrastructure. How to effectively improve the quality of accounting information tests the wisdom of all participants in the capital market. This paper breaks through the previous theories of internal governance and external supervision and expands a new perspective to improve the quality of accounting information from the interaction of information. This paper takes the opportunity of the natural experiment that the Shanghai Stock Exchange issued industrial information disclosure guidelines from 2013 to 2016, which required listed companies to disclose quarterly operating information, and the Shenzhen Stock Exchange did not have relevant mandatory requirements, to empirically test the interaction of information contents.
This paper finds that, as a kind of information that can be mutually verified and interpreted with accounting information in content, the disclosure of operating information significantly improves the quality of accounting information of companies, which is manifested in the reduction of earnings management under accrual earnings management and the significant reduction of earnings reversal in the fourth quarter. Further research verifies the improvement of the quality of accounting information from the perspective of the capital market – the value relevance of accounting information is significantly improved.
The contributions of this paper are as follows: Firstly, this paper takes operating information and accounting information as the research object, discusses whether and how different information contents disclosed by the same company can affect each other, and deepens the understanding of complex information transmission in the capital market environment. Secondly, the improvement of the quality of accounting information is a global problem. From the perspective of information competition, this paper discusses that timely understanding and verifying accounting information can improve the quality of accounting information, and provides a new theoretical basis for improving the quality of accounting information. Thirdly, the impact of non-accounting information on the information environment of the capital market has been paid more and more attention. This paper studies the effect of novel and unique non-accounting information on the improvement of information environment and enriches the literature of non-accounting information research. Fourthly, the research results provide evidence for regulatory authorities to improve the information environment in the capital market by using the interaction of information contents, and support the market-oriented reform direction of regulatory authorities to enhance the quantity and quality of information disclosure.
