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论文编号：	13212
作者编号：	2120192886
上传时间：	2022/6/7 15:52:41
中文题目：	股东异质性对企业信息披露质量的作用机制研究——基于文本分析的方法
英文题目：	The mechanism of shareholder heterogeneity on the quality of corporate information disclosure： Based on text analysis
指导老师：	武立东
中文关键字：	股东异质性；信息披露；文本分析
英文关键字：	Shareholder Heterogeneity, Information Disclosure, Text Analysis
中文摘要：	随着我国国有企业混合所有制改革的推进，股东结构逐渐从同质化向异质化转变，股东数量的增长使得股权更加多元化。股东异质性主要体现在股东身份背景的多元，使得股东群体在监管职能、社会资源以及对环境不确定性认知等方面的差异逐渐提高。在此背景下，需要从理论以及实证的视角对股东异质性如何作用于公司治理机制做进一步探究。 鉴于此，本文以混合所有制改革过程中的股权异质化演变作为探索的逻辑起点，结合我国证券市场的监管方式以信息披露质量为中心的重要转型的现实背景，深入探究上市公司股东异质性对于信息披露质量的影响机制。本文依托于历史研究，发掘并论证了上市公司其股东异质性对于信息披露质量影响的三个效应，分别是股东异质性的监管效应、股东异质性的资源效应以及股东异质性的认知效应，从而探讨股东异质性如何影响信息披露质量的内在机制。 基于理论分析和假设推演，本文选取我国沪市和深市A股上市公司中的非金融类以及非ST上市公司作为研究样本，以信息不对称理论、委托代理理论、信号传递理论以及资源依赖理论等为研究的基础，借助文本分析的方法，通过实证检验的方式分析了上市公司股东异质性对信息披露质量的影响。同时为了进一步明晰并厘清两者之间的作用机理，本文分别选取度量股东异质性三个效应的代理变量以检验股东异质性对信息披露质量的影响路径。为了保证结果的稳健性，本文对主效应以及机制效应均进行了稳健性检验。实证结果表明，上市公司股东异质性的提升对于信息披露质量有着积极的影响，由股东异质性提升所带来的大股东以及高管的监管能力提升、更加丰富的社会资源以及对外部环境的清晰认知是股东异质性影响信息披露质量的三种作用机制。 本文的研究推导并验证了上市公司股东异质性与信息披露质量之间的因果关系，并发现了其中存在的三种逻辑路径，从而基于研究结论提出了针对投资者的相应建议以及政策建议，为进一步探索股东异质性所带来的经济效果以及信息披露质量的影响因素研究提供了一定的参考和借鉴。
英文摘要：	With the promotion of mixed ownership reform of State-owned enterprises in China, the shareholder structure gradually changes from homogeneity to heterogeneity, and the increase of the number of shareholders makes the ownership more diversified. Shareholder heterogeneity is mainly reflected in the diversity of shareholder identity background, which gradually increases the differences of shareholder groups in regulatory functions, social resources and cognition of environmental uncertainty. In this context, it is necessary to further explore how shareholder heterogeneity affects corporate governance mechanism from both theoretical and empirical perspectives. In view of this, this paper takes the heterogeneous evolution of equity rights in the process of mixed ownership reform as the logical starting point for exploration, combined with the realistic background of the important transformation of China's securities market supervision mode centering on the quality of information disclosure, and deeply explores the influence mechanism of shareholder heterogeneity on the quality of information disclosure of listed companies. Based on existing studies, this paper explores and demonstrates three types of effects of shareholder heterogeneity on the quality of information disclosure of listed companies, namely, the regulatory effect of shareholder heterogeneity, the resource effect of shareholder heterogeneity and the cognitive effect of shareholder heterogeneity, so as to explore the internal mechanism of shareholder heterogeneity on the quality of information disclosure. Based on theoretical analysis and hypothesis deduction, this article selects the non-financial listed companies in Shanghai and Shenzhen a-share listed companies as research samples, information asymmetry theory, principal-agent theory, signaling theory and resource dependency theory as the foundation, using the method of text analysis, by empirically analyzes the heterogeneity of shareholders of listed companies the influence of the quality of information disclosure. At the same time, in order to further clarify the mechanism of action between the two, this paper selects proxy variables to measure the three effects of shareholder heterogeneity to test the impact path of shareholder heterogeneity on information disclosure quality. In order to ensure the robustness of the results, the main effect and the mechanism effect are tested for robustness. The empirical results indicate that the heterogeneity of the ascension of shareholders of listed companies for information disclosure quality has a positive impact, heterogeneity caused by the increased by shareholders the supervisory ability of the big shareholders and senior executives of ascension, more abundant social resources and external environment of clear cognition is shareholder's heterogeneity three mechanisms affecting the quality of information disclosure. The research in this paper deduces and verifies the causal relationship between shareholder heterogeneity and information disclosure quality of listed companies, and discovers three logical paths, so as to put forward corresponding suggestions and policy suggestions for investors based on the research conclusions. It provides some reference for further exploring the economic effect brought by shareholder heterogeneity and the influencing factors of information disclosure quality.
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