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论文编号：	4113
作者编号：	2120102343
上传时间：	2012/5/26 22:28:25
中文题目：	合法性机制对自愿性信息披露水平的影响
英文题目：	The Influence of Legality mechanism on the Voluntary disclosure level
指导老师：	武立东
中文关键字：	自愿性信息披露,制度环境,合法性机制
英文关键字：	Voluntary information disclosure,Institutional environment,Legality mechanism
中文摘要：	上市公司信息披露是连接公司与投资者的纽带，是投资者投资决策的依据，也是资本市场健康运行的基础。自愿性信息披露是上市公司信息披露的重要组成部分，由于带有一定主观性，所以受到多种因素的影响。国内外对上市公司自愿性信息披露影响因素的研究有不少，但是多集中于从企业自身的特征和治理结构出发，很少考虑外部环境中的制度因素。但是组织是一个开放系统，行为理论上应该会受到制度环境影响。为了对这种影响进行探讨和分析，本文通过理论分析和实证检验从制度环境的角度研究了合法性机制在上市公司自愿性信息披露水平中的作用。本文首先梳理并述评了国内外关于自愿性信息披露影响因素的研究，在此基础上通过制度理论的分析提出了合法性机制影响上市公司自愿性信息披露水平的理论动因和假设。借鉴国内外相关文献的研究方法，选取制造业和批发零售贸易两个行业的189家上市公司作为研究样本，以2009年为研究年度，2008年为参照年度。先根据前人研究构建了自愿性信息披露评价指数表，对样本公司自愿性信息披露水平打分后作为被解释变量；为合法性机制中的社会规范机制、强迫性机制和模仿性机制分别选取所有制形式、高管年龄、高管教育背景、高管海外背景、发行股票类型、上一期披露水平高于i的公司数量、上一期规模大于i和市值高于i的公司平均披露水平、上一期披露水平高于i的公司本期股票流动性和市值增长作替代指标作为解释变量；并将以前研究中相对集中的公司规模、股权集中度、独董比例、财务杠杆等影响因素作为控制变量。通过多元线性回归分析方法得出结论。回归结果显示自愿性信息披露受到社会文化和规范机制的影响并且同行业间存在较明显的模仿行为。不过多地上市产生的投资者心理要求的提高并没有表现出与自愿性信息披露水平的相关性。得出结论根据回归分析结果提出了提高我国上市公司信息披露水平、规范资本市场的相关建议和以后的研究建议。
英文摘要：	Information disclosure of listed companies is not only the bonds between companies and investors, the accordance for investors’ decision making, but also the basis to make the capital market operate healthily. An important part of it is voluntary information disclosure, which is influenced by many factors because it has a sense of subjectivity. There are a great number of researches about voluntary information disclosure of listed companies both at home and abroad, but they most focus on the features of companies themselves and management structures, and seldom on the institutional factors of external environment. An organization is an open system and theoretically its behavior should be influenced by its institutional factors. In order to have a study and analysis of this factor, through theoretical analysis and real evidence, from the view of institutional environment, this paper studies the role the legality mechanism plays in the voluntary information disclosure of listed companies. This paper first organizes and evaluates the researches about the influence factors of voluntary information disclosure both at home and abroad. And on this basis through analysis of institutional theory, this paper puts forward the theoretical reasons and hypothesis. This hypothesis is about that legality mechanism influences the level of voluntary information disclosure of listed companies. This paper learns the study methods of relevant documents at home and abroad, chooses 189 listed companies in manufacture and wholesale and retail trade as the study sample, and looks on the year 2009 as the study year and 2008 as the referential year. According to the previous studies, this paper builds the evaluating index table of voluntary information disclosure. After evaluating the voluntary information disclosure level of the sample company, the marks is treated as the explained variable quantity. It chooses the forms of ownership, ages of executives, education background of executives, overseas background of executives, forms of shares, number of companies whose previous disclosure level is above i, the average disclosure level of companies whose previous scale is above i and companies whose market value is above i, the current share mobility of companies whose previous disclosure level is above i, and rise in market value as the explaining variable quantities for social nom mechanism, compulsivity mechanism, and imitativeness mechanism. Besides, this paper treats these influence factors as the controlling variable quantity, these factors are company scale, concentration ratio of shares, the ratio of independent executives, financial lever in the previous research. And it gets the conclusion through Multiple Linear Regression. The result of regression indicates that the voluntary information disclosure is influenced by social culture and nom mechanism. There are obvious imitative behaviors in the same industry. However, the improvement of the investors’ mental require produced by coming into the market doesn’t show any relevance with voluntary information disclosure. According to the result of regression, the conclusion puts forward suggestions to advance the level of information disclosure of listed companies, and to normalize the capital market, as well as suggestions for later study.
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