Research on the Management of Information Disclosure Quality of GEM Companies in China

Abstract

With the extensive impact of big data, the quality of information disclosure of GEM listed companies has gradually become a hot topic of research. The management of information disclosure quality has different effects on the management innovation of GEM listed companies. In this paper, companies on GEM from 2015 to 2019 are selected as sample data. The moderate effect modle is established and STATA software is used to study the influence mechanism of equity pledge on enterprise information disclosure and to verify the adjustment function of internal control between them. The research found that in order to improve the GEM listed companies information disclosure quality, the government and banks should relax financing restrictions on non-state-owned enterprises and reduce credit discrimination. In addition, the stakeholders of listed companies should pay attention to the impact of the deterioration of the information disclosure quality caused by equity pledge, and the regulatory authorities should also take measures to prevent and control a series of risks caused by equity pledge.