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论文编号：	78
作者编号：	2120051899
上传时间：	2007/6/21 15:33:54
中文题目：	我国上市公司自愿性信息披露影响
英文题目：	Study on Influencing Factors o
指导老师：	周晓苏
中文关键字：	上市公司;自愿性信息披露;影响因
英文关键字：	Listed companies;Voluntary dis
中文摘要：	在自愿性信息披露越来越受到重视的背景下，我国上市公司自愿性信息披露的现状如何？是什么因素影响了上市公司的自愿信息披露行为？本文的研究目的就是通过理论分析和实证研究对这些问题进行系统的探讨。 本文以委托代理理论、信息不对称理论、信号理论和有效市场理论等作为理论支撑，借鉴国内外的研究方法和结论，结合我国证券市场和上市公司的特征，提出研究假设。然后，利用两个多元回归模型，分别从公司特质、股权结构、公司经营特殊阶段等方面来研究各个因素对自愿性信息披露的影响。 本文以公司年报作为上市公司自愿性信息披露的载体，参照Meek信息披露明细表，构建了我国自愿性信息披露明细表，并以此为基础得出样本公司自愿性信息披露指数。首先，对自愿性信息披露指数进行描述性统计检验，结果显示，我国上市公司自愿性信息披露水平总体较低，并且各部分的披露水平差别较大。然后，采用多元回归方法对模型一和模型二进行了实证研究。模型一多元回归结果显示：规模较大或成长性较高的公司，自愿性信息披露水平明显较高，说明信号作用对我国上市公司的自愿性信息披露决策有一定的影响；亏损公司与盈利公司相比而言，其自愿性信息披露水平明显偏低，说明诉讼成本对我国亏损上市公司的逆向激励大于正向激励。模型二多元回归结果显示：具有股权融资动机的公司自愿性信息披露水平明显高于无融资动机的配对公司，说明具有股权融资动机的公司希望通过增加自愿性信息披露来减轻信息不对称，降低筹资成本。另外，股权集中度对自愿性信息披露水平具有正向的影响，这说明随着近年法律法规对中、小投资者保护力度的加大和股权分置改革的进行，股权集中度已经有所降低，而且说明我国的股权集中度相对较低，还没有达到可以对中、小股东进行利益侵占的程度。 最后，在研究结论的基础上，本文提出了提高我国上市公司自愿性信息披露水平的政策性建议。从建立自愿信息披露指引体系、改善企业公司治理结构和提高投资者专业素质三方面提出建议，以期提高我国上市公司的自愿性信息披露水平。
英文摘要：	Under the condition that voluntary disclosure is valued more and more, what is the condition of our listed companies’ voluntary disclosure? And which factors have effect on the voluntary disclosure? The purpose of this thesis is to research these questions analytically and empirically. On base of the principal-agent theory, signal theory, information asymmetry theory and efficiency market theory, combining the former research method and the specialties of our listed companies and stock market, this thesis develops our hypotheses. We research the determinants of voluntary disclosure from three aspects that are companies’ specialties, concentration of ownership, and the special period of companies using two multivariate regression models. This thesis uses the annual report as the carrier of the voluntary disclosure. The descriptive statistic suggests that the level of voluntary disclosure is lower, and different part of the information is disclosed differently. The empirical evidence of model 1 suggests that firm size, growth of firm are statistically related to the level of voluntary disclosure. And the unprofitable firms voluntarily disclose less information than profitable ones. This conclusion suggests unprofitable firms would like to voluntarily disclose less information to avoid the cost of lawsuit. The empirical evidence of model 2 suggests that firms that want to finance in the stock market voluntarily disclose more information. This conclusion suggests that the capital competition is serious, so firms that want to finance increase their voluntary disclosure to decrease the information asymmetry and the cost of financing. In the last part, the thesis gives suggestion for improving the voluntary disclosure level of our listed companies on the base of our conclusion. We also give advice to the future research.
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