联系我们

论文查询结果	返回搜索

论文编号：	3276
作者编号：	2120092324
上传时间：	2011/6/6 23:35:46
中文题目：	市场竞争、公司治理与自愿性信息披露
英文题目：	The Study on Market Competition, Corporate Governance and Voluntary Disclosure
指导老师：	程新生教授
中文关键字：	信息披露 自愿性信息披露 市场竞争 公司治理
英文关键字：	information disclosure voluntary disclosure of information market competition corporate governance
中文摘要：	世通（WorldCom）、安然（Enron）、施乐（Tyco）等财务舞弊案件发生后，上市公司的信息披露透明度受到前所未有的关注。作为资本市场信息公开制度的核心内容，公司的信息披露及其透明度是现代公司财务理论讨论的核心内容之一。在我国，信息披露主要分为强制性信息披露与自愿性信息披露，随着各种财务舞弊案的发生，投资者对信息披露的要求不断提高，强制性信息披露已不能满足他们的信息需求，自愿性信息披露成为他们了解公司的重要信息，因此关于自愿性信息披露的研究对我国证券市场的发展有重要意义。 自愿性信息披露水平会受到公司治理机制的影响。公司治理机制分为内部公司治理机制和外部公司治理机制，内部公司治理机制可以对公司的管理层进行有效地激励和约束，降低他们对公司信息披露进行操纵的动机和可能性，使管理层积极地披露自愿性信息。与此同时，公司的外部治理机制，如市场竞争同样可以制约管理层的行为，随着市场竞争的加剧，它一方面压缩了公司的盈利空间，影响了公司的融资能力；而另一方面，处于竞争激烈环境中的公司为了增强自己的竞争力，拓展新的业务，融资需求又尤为迫切。在这种矛盾的情况下，为了降低融资成本，公司必须尽力降低资金供需双方的信息不对称，为资金提供者塑造一个良好的形象。因此，激烈的市场竞争将迫使公司进行自愿性信息披露。基于以上分析，可以看出市场竞争与公司治理这两种不同的公司治理机制都可以独自促进公司进行自愿性信息披露，但是两者在促进公司进行自愿性信息披露的程度上是否存在交互作用呢？现有研究并没有给出答案。 本文对市场竞争、公司治理与公司自愿性信息披露之间的关系进行了探讨。研究结果表明，公司治理结构的完善能够提高公司的自愿性信息披露水平，而市场竞争则对公司治理产生了互补和替代的作用。这个结论意味着，在我国要提高自愿性信息披露水平，有必要继续完善公司的治理结构，与此同时，也要综合考虑产品市场的竞争情况为公司“因地制宜”，选择最为合适的治理机制。
英文摘要：	After the occurrence of the financial fraud cases of WorldCom, Enron, Tyco, people pay special attention to the transparency of information disclosure of listed companies. As the key of the information disclosure system on the capital market, the corporate information disclosure transparency is one of the topics corporate finance theory concerns. In our country, there are two kinds of information. That’s mandatory disclosure of information and voluntary disclosure of information. As the development of the capital market, mandatory disclosure of information can no more meet the information needs of investors. They are more likely to get voluntary information disclosure. That’s why we have to research on the voluntary information disclosure. It plays an important role in the development of China's security market. The level of voluntary disclosure will be subject to the impact of corporate governance. Corporate governance can be divided into internal corporate governance mechanisms and external mechanisms of corporate governance. Internal corporate governance mechanisms can encourage and restrain the management effectively. It can reduce the motives and the possibility of management to control corporate information disclosure and push the management to make voluntary disclosure of information. At the same time, the external governance mechanisms, such as market competition can also restrict the behavior of management. As market competition intensifies, it reduces the company's profit margins, affecting the company's financing capacity; in the other hand, companies in competitive environment have the urgent financing needs in order to enhance their competitiveness and expand new business. In this contradictory situation, in order to reduce financing costs, the company must try to reduce the information asymmetry of both capital providers and demanders, and will have to create a good image for capital providers. Therefore, the fierce market competition will force companies to make voluntary information disclosure. Based on the above analysis, we can see that market competition and corporate governance are two different corporate governance mechanisms that can encourage companies to make voluntary disclosure of information. But whether the interaction between the two mechanisms exists? The current study did not answer. This paper discusses the relationship among market competitions, corporate governance and corporate voluntary disclosure of information. The result shows that perfect corporate governance structure can improve the company's level of voluntary disclosure, and market competition will replace corporate governance or be the alternative of corporate governance. This conclusion means that, to raise the level of voluntary disclosure, it is necessary to improve the corporate governance structure. At the same time, it’s necessary to consider the competition whiling selecting the most appropriate governance mechanism for a company. Key words: information disclosure voluntary disclosure of information market competition corporate governance
查看全文：	预览  下载(下载需要进行登录)