الفهرس 
دراسة تحليلية لأثر محتوى المعلوماتى للقوائم المالية التاريخية والمستقبلية وتقرير المراجع على أداء الأسهم بسوق الأوراق الماليةيوجد فقط 14 صفحة متاحة للعرض العام
 |  | from | 16 |  |  |
| | | from | 16 | | |
المستخلص
First: Abstract
The research has targeted the study of the evaluation of the accountant and auditor precautionary and knowledgeable disclosure and its impact on corporate share performance in the Egyptian bourse. For the fulfillment of such objective the research gas been organized and planned into three main parts, as part one has targeted the determination of the informative content of the historical and future financial sheets and the auditor report on share performance in the stock exchange market via determining the nature and importance of the precautionary and knowledgeable disclosure, then explaining the impact of such disclosure on corporate share performance in the stock exchange market. Part two has targeted stating the impact of the accountant and auditor practices of disclosure in historical and future financial sheets on corporate share performance in the Egyptian stock exchange market in light of the study of research, and theoretical and applied literature conducted in such field. In fulfillment of this part objective previous studies in the field of evaluating the impact of precautionary disclosure on financial information on corporate share performance, have been analyzed. relevant literature preview in the field of evaluating the impact of disclosure of future information and informative content of the auditing reports on corporate share performance, whereas part three has targeted the conductance of an applied study for measuring the impact of the accountant and auditor disclosure of accounting information whether the annual or the quarterly (historical or future) on the shares registered in the stock exchange market, and measurement of the impact of the accountant and auditor disclosure of the historical and future information on the size of dealing and prices of the shares circulating in the Egyptian stock exchange market.
In fulfillment of the objective of Part One it has been organized and planned into two main chapters, as chapter one addresses the nature and importance of the precautionary and knowledgeable disclosure, whereas chapter two addresses the impact of disclosure of audited accounting information on establishment share performance in stock exchange market.
In fulfillment of the objective of Part Two, it has been organized and planned into two main chapters, as chapter one addresses the analysis of previous studies in the field of evaluation of the impact of precautionary disclosure of accounting information on the corporate share performance, whereas chapter two addresses the analysis of previous studies in the field of evaluation of the impact of disclosure of future information and the informative content of auditing reports on the corporate share performance.
In fulfillment of the objective of Part Three, it has been organized and planned into two main chapters, as chapter one addresses a questionnaire of the accountant and auditor disclosure of financial information whether the annual or quarterly, (historical and future) on the performance of shares registered in stock exchange market, whereas chapter two addresses a test study of the disclosure of historical and future information on the size of dealing and price of the shares circulating in Egyptian stock exchange market.
Second: Results
1. There is an attitude of increasing the size of information disclosed in general, and focusing on such information that are in need of greater deal of expertise and knowledge in using it, particularly those the financial analysts and investment brokers need, and the adequate information that may be characterized relatively with a great deal of assessment. Examples of such accounting information the financial forecast, provisional report preparation and disclosure of the future activity results.
2. The investment decision makers need future accounting information. Despite of the presence of an agreement between the scientific and practical organizations in the different states upon the necessity of conducting financial forecasts and expectations for purpose of supporting capital market and encouraging investment in stock exchange, there is a wide differentiation and controversy about voluntary publication of such information in Egypt, as corporate management would be entitled of the option of disclosure of such information.
3. The past behavior of security prices contains valuable information related to price behavior in the future, that is, it is possible to predict the rate of revenue expected in the future, based on analyzing the attitude of the prices or revenue in previous periods.
4. Current accounting disclosure in Egypt is characterized with deficiency, which would affect the corporate share performance in the stock exchange market, which may necessitate paying attention to development of disclosure and providing the important and sufficient information meeting the needs of the investors in the stock exchange market.
5. The lack of regulated disclosure of the forecasts may create an information market, no one would make use of, but only those are capable of bearing the cost of research at the expense of the non capable.
6. The management voluntary declaration of forecasts may indicate at its bias, as it usually disclose them when there are good news only, and thus, investors would exploit such forecast information characterized with relatively good performance, but organizations with the lower performance would not desire in declaring its forecasts.
7. If the management does not declare its forecasts, it will leak to indirect channels, and it would be acquired by only a small category of investors who are capable of bearing its costs, hence get an unfair advantage in the capital market at the expense of the minor investor who waits the forecast declaration, which may lead into the presence of un efficient economy and stock exchange market, ignoring granting equal opportunity of information acquisition for all investors, so that avoiding the inadequate use of internal information and the non acquisition, by some parties, of fair advantages.
8. The auditing reports play an important role in influencing the prices and the size of dealing of the corporate shares in stock exchange market, due to what it provide of news content of trustworthy information on financial and economical positions of the business establishments, the securities of which are circulated in the market, positively reflecting on the investor responses and decisions relevant to investing in securities.
9. The taciturn auditing opinions have its negative impact on share price behavior, and the negative impact on the share revenues differ according to the different reticence, as the negative performance of corporate shares rise with the rising of degree of risk expected from reticence.
10. The restricted opinion of the chartered account controller affects the establishment share prices, consecutively, affects the evaluation of the board performance. Therefore, the directors work always on attempting to convince the account controller to issue an opinion void of reticent.
11. It is obvious in the light of the questionnaire study results the positive attitude of the responses of the whole parties of the investment environment in Egypt, of preparers, auditors and users of the financial sheets subject of the questionnaire on the impact of the accountant and auditor disclosure of historical and future financial information on the performance of the shares registered in stock exchange market.
12. The practical application had resulted in that there is no statistically significant impact of the accounting disclosure of audited historical, provisional and annual information on the size of dealing and price of share.
Third: Recommendations
The research recommends, in the light of the research results, the following:
1. The necessity of the containment of financial sheets and reports of voluntary disclosures of information of high forecasting power, and also its containment of some accounting indicators resulting from such reports and sheets analysis, enabling investors of predicting corporate performance, leading in investors modification of their expectations in respect of future benefits, and reflecting on share performance in stock exchange market.
2. The necessity of the corporate attention of disclosure of the quality of information relevant to financial indicators directed at the specialized investors.
3. The necessity of obligating establishments of declaring their financial position in specified time, and to hold them answerable on delay.
4. The necessity of that the stock exchange market would specify one date in which the whole financial sheets of the companies registered in it, as such issue is necessary for minor investor so that to enable it of conducting comparisons between the companies to choose among them.
5. Conducting more expanding research for study of the impact of the degree of countries development and growth of the role of disclosure in influencing the corporate share performance in the stock exchange market.