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论文编号：	700
作者编号：	2120061968
上传时间：	2008/6/20 12:55:24
中文题目：	信息披露透明度测度研究
英文题目：	The research of information di
指导老师：	程新生
中文关键字：	透明度测度 信息披露评级 盈余管
英文关键字：	measures of transparency inf
中文摘要：	2002年世通、安然、施乐等一系列财务舞弊案件使投资者蒙受了巨大损失，并给资本市场带来了深远的负面影响，因此，提高上市公司的信息披露透明度已成为理论界和实务界的共识。作为信息披露的主体，上市公司的信息披露及其透明度是资本市场信息公开制度的核心内容，也是现代公司财务理论讨论的核心问题之一。 对于上市公司信息披露透明度的测度，国内外已有许多研究方法，这些研究方法各有侧重，但是都存在一定的弊端。本文以2005年度深交所上市公司为研究对象，综合考虑了CCGIDINK信息披露体系、盈余管理程度（包括盈余变现性、盈余激进度等）、审计意见类型以及上市公司违规情况（包括发生违规行为的时间、违规行为的性质、年报补充更正的次数等）等因素，利用主成分分析法提炼出信息披露透明度因子，旨在寻找一种从更全面的角度测度上市公司信息披露透明度的方法。 首先，文章界定了信息披露和信息披露透明度的基本含义，并从自愿性和强制性两个方面分析了信息披露透明度的基础理论，如委托－代理理论、信息不对称理论、信号传递理论等；其次对国内外信息披露透明度的研究文献进行整理，分析了以往研究方法的特点并进行了评析；再次，本文提炼出以往研究中影响信息披露透明度的四个因素，利用主成分分析法提炼出信息披露透明度因子，并利用深圳证券交易所上市公司信息披露透明度评价等级验证了该研究结果的合理性；最后，结合本文的研究成果，从三个方面提出了提高上市公司信息披露透明度的建议，并总结了本文研究的局限性。
英文摘要：	The series of Enron and Xerox financial collapse in mid-2002 enabled investors suffered huge losses and brought far-reaching negative impact on capital market. Since then, increasing the disclosure transparency has become consensus in theory and empirical sector. As the main factor of information disclosure, the information disclosure of public companies is critical for the functioning of an efficient capital market, and it have already become the focus questions of corporate governance improvement. There are many different methods to measure the transparency of public information disclosure and every method has its own focus. This paper summarizes the measures of transparency and evaluates the merit and shortcoming of these measures. Based on the Shenzhen Stock Exchange listed company in 2005 for study, this paper considers four factors in measuring disclosure transparency: CCGIDINK information disclosure system, earnings management, audit opinions and irregularities in capital market. And then the paper extracts one factor through method of principal components from those four factors. This one factor is a more comprehensive measure method of information disclosure transparency. First, the article defines the definition of information disclosure and transparency of information disclosure, then analysis the basic theory of transparency of information disclosure from voluntary and mandatory aspects, such as agency theory, asymmetry of information, signaling theory and so on. Secondly, the article lists the domestic and international research literature about method of measure the transparency information disclosure, and then assesses these methods. Third, this paper considers four factors affecting transparency of information disclosure, and extracts one index--transparency factor through method of principal components. Then the paper proofs this index is reasonable though the transparency rankings in Shenzhen Stock Exchange. Finally, combining research results, the paper proposes three suggestions to increase transparency in information disclosure and summarizes the limitations in this research.
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