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| Research on the Information Disclosure in Annual Reports of A-Share Listed Companies |
| Cui Di, Zheng Ming, Li Yan, Liu Zhihui |
| Institution of Scientific and Technical Information of China, Beijing 100038 |
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Abstract With the acceleration of the informatization process and the arrival of the era of big data, data and information have become important strategic resources for every country. Additionally, the quality of information has become an important factor affecting social and economic values. At present, the information quality of enterprises’ annual reports has been a matter of wide concern. Based on an analysis and application of competitive intelligence, this study considers domestic A-share listed companies’ annual reports as the research object and constructs a non-financial data classification system. Research is then conducted on the quality of information disclosure in these annual reports. The study found that the quality of information disclosure in domestic A-share listed companies’ annual reports is gradually improving with the repeated revision and improvement of the regulatory system. Improvements in information relating to “core competitiveness”, “risk awareness”, and “supply chain” were especially significant, while the quality of key information for enterprise competitiveness analysis differed considerably across industries. Information quality for the manufacturing, information transmission, software, and information technology services industries was the highest, while that in the non-real economy industries and low-tech value-added industries, such as real estate, finance, and education, was relatively low. In terms of disclosure issues, the main problems include concealed suppliers or customer names, irregular regional expressions, and unclear product expression. In the future, relevant regulations should be further strengthened and an attempt should be made to establish a classification model and targeted specifications to fundamentally improve the information quality in annual reports. This would serve to improve in-depth competitive intelligence analysis of industries and enterprises based on granular knowledge.
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Received: 22 May 2019
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