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论文编号：	1252
作者编号：	2120071932
上传时间：	2009/6/12 15:52:57
中文题目：	我国上市公司自愿性信息披露质量
英文题目：	Case Study on the Quarlity of
指导老师：	程新生
中文关键字：	自愿性信息披露;自愿性信息披露<
英文关键字：	voluntary disclosure;voluntary
中文摘要：	随着资本市场的不断发展和日益成熟，以及安然、蓝田等事件的相继曝光，投资者更趋于理性，对上市公司信息披露的要求不断提高，强制性信息披露已不能满足投资者多样化的信息需求，要求有更多的自愿性信息披露来提高信息披露的质量，因此对我国上市公司自愿性信息披露问题的研究和探讨是相当必要的。 目前，国内外关于自愿性信息披露的研究，除了规范性的理论研究，对于自愿性信息披露的影响因素，很多都是基于线性回归的实证研究，而没有挖掘影响因素背后的事件和更深层的动因。本文以代理理论、信号传递理论、投资行为理论、超额披露收益理论作为理论支撑，以2007年我国上市公司年报为自愿性信息披露的主要载体，筛选出自愿性信息披露最佳和最差各三家公司为研究对象，除了检验自愿性信息披露的各影响因素，本文对这些公司2003年到2007年利好与利空消息进行了归纳总结，旨在更进一步探索自愿性信息披露的理论解释及动因。 首先，本文从自愿性信息披露的基本理论出发，阐述自愿性信息披露的内容及特点、自愿性信息披露的动因和影响因素，并通过多案例研究法具体分析了我国上市公司自愿性信息披露的整体状况和披露差异，并在公司治理结构、公司规模、经营与发展能力以及盈利能力的影响因素上检验了对自愿性信息披露质量的影响。其中，在公司治理结构因素上，通过独立董事比例、审计委员会设置、CEO两职状态和公司股权结构四个方面来进行分析。最后得出本文的研究结论，并对我国上市公司自愿性披露质量的提高，披露体系的完善提出了相关建议，提出了本研究的局限以及未来的展望。
英文摘要：	With the further development and growing of the security market and the false information accidents exposed, the investors gradually pay more emphasis on the quality and quantity of information supply in intense competitive stock market. The compulsive laws and regulations is not enough for the demand’s diversity of investors, voluntary disclosure is needed to supply and expand. So, it is very necessary to study the problem of information voluntary disclosure. At present, although there are many empirical researches at home and abroad that using regression analysis method have researched the influencing factors of the voluntary disclosure, without mining further events and causes profoundly. This thesis is based on substitute theory, signal theory, investment behavior theory and excess disclosure profit theory, using 2007 annual report of China’s listed companies for major voluntary information disclosure carrier, selects six companies, three of them get the highest VDI and the other three get the lowest VDI. In addition to test influencing factors of voluntary disclosure, this thesis summarizes the good news and bad news of these companies from 2003 to 2007, in order to explore the further theory explanation and motivation of voluntary disclosure. Firstly, this thesis starts from the basic theory, analyzes the contents, characteristics, causes and influencing factors of voluntary disclosure, through multi-case method to analyze the overall situation of the voluntary disclosure. Then, this thesis examines the influencing factors of the voluntary disclosure about corporate governance structure, company size, development capabilities and profitability. Among the factor of corporate governance structure, this thesis studies though four aspects: the portion of independent directors, audit committees, CEO duality and corporate ownership structure. At last, this thesis sums up the conclusions and aims at the improvement of voluntary disclosure of listed firms, coming up with suggestions and limitations of this study, as well as vision for the future.
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