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1、ABSTRACTTheinformationdisclosuresystem,whichaimstoeasetheinformationasymmetry,allowsinvestors,creditorsandotherstakeholderstohaveanobjectunderstandingofthebusinessresultsandtheirfinancialsituation.Theinformationdisclosurequalityofthelistedcompanyhasagreatimpactontheeffectiven
2、essoftiesecuritymarket.Italsoafectstheeficiencyofresourceallocation.Ingeneral,highinformationdisclosurequalitystrengthenstheconfidenceofinvestors,leadsahealthydevelopmentofthecapitalmarket.Therearemanyfactorsaffectingtheinformationdisclosurequality.Forexample,thefinancialsitu
3、ationofthecompany,thescaleofassets,legalsupervisionandthestructureoftheinternalcorporategovernance.Butthepreviousresearcheshaveoverlookedtheroleplayedbythemanagerialpower.BerleA.AdolfandMeansGardineroncepointedoutthat"withthetransferofthecompanies'controlrights，狂Thesecondpart
4、isliteraturereview.Thepartreviewstherelevantliteratureaboutinformationdisclosurequalityandmanagementrights.Itshowsdifferentpointsaboutthistopicandpointsouttheircontributionsandshortcomings.Inthispart,wedefinewhattheinformationdisclosuresystemisandhowtomeasurethequalityofinfor
5、mationdisclosure.Thenthispaperreviewsthetheoryofmanagementrights,focusesontheliteraturetalkingabouttherelationbetweenmanagerialpowerandthequalityofinformationdisclosure.Thethirdpartisthetheoreticalanalysisandassumptions.Thispartprovidesthetheorysupport:theyareprincipalagentth
6、eory,informationasymmetrytheory,scientificbehaviortheoryandupperechelontheory.Thenthepaperputsforwardtheresearchhypothesisrespectivelyfromthemanagements'structuralrights,ownershiprightsandreputationrights.Thefourthpartisresearchdesign.Inthispart,weconstructanempiricalmodel,ex
7、plainsampledataandlistvariablesinthemodel.ThesamplefirmswechoosearethoseintheShenzhenstockexchange.Theperiodlastsfrom2010to2013.Intheprocessingofthedependentvariable,weassignAandBthenumberl，characteristicsofthecompany,butalsothemanagerialpower.Inthepaper,weconsidertheselfmoti
8、vationandprovidesomeusefulinformationtothefutherresearch.KeyWords:Ma
