本文選題：信息披露質(zhì)量　切入點(diǎn)：股票流動(dòng)性　出處：《河北經(jīng)貿(mào)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著市場(chǎng)化的不斷深入，越來(lái)越多的公司和外部投資者進(jìn)入資本市場(chǎng)，信息披露作為二者之間重要的溝通渠道，其作用日益凸顯。上市公司也越來(lái)越關(guān)注自己披露的信息是否為投資者所關(guān)注？是否促進(jìn)了投資行為？是否給自己帶來(lái)好的經(jīng)濟(jì)后果？這實(shí)質(zhì)上是一個(gè)上市公司的信息披露質(zhì)量問(wèn)題。 本文以上市公司的股票流動(dòng)性作為公司信息披露質(zhì)量經(jīng)濟(jì)后果的一種表現(xiàn)形式，研究了上市公司信息披露質(zhì)量對(duì)于股票流動(dòng)性的影響。分別將理論與實(shí)證、定性與定量、動(dòng)態(tài)與靜態(tài)等分析方法綜合使用。理論部分將前人對(duì)于該問(wèn)題的研究結(jié)果進(jìn)行了梳理和歸納，主要以信息不對(duì)稱理論、信號(hào)傳遞與信息甄別理論為基礎(chǔ)構(gòu)建分析框架。由于公司管理者與外部投資者之間信息的不對(duì)稱，管理者希望通過(guò)好的信息披露質(zhì)量向外部投資者傳遞經(jīng)營(yíng)業(yè)績(jī)較好的信號(hào)，吸引其進(jìn)行投資；而外部投資者通過(guò)上市公司所披露的信息來(lái)甄別該公司狀況，做出投資決策。根據(jù)這兩個(gè)角度的分析，我們提出假設(shè)：高質(zhì)量的信息披露會(huì)提高公司的股票流動(dòng)性。實(shí)證部分選取2009~2011年深圳證券交易所A股非金融類上市公司為樣本，以深交所披露的信息披露質(zhì)量考評(píng)結(jié)果衡量上市公司信息披露質(zhì)量，以買賣價(jià)差、換手率和有效流速全面衡量股票流動(dòng)性，建立回歸模型進(jìn)行檢驗(yàn)。實(shí)證結(jié)果表明：信息披露質(zhì)量越高，買賣價(jià)差越小，換手率越高，，有效流速越快。即從三個(gè)角度分別驗(yàn)證了隨著信息披露質(zhì)量的提高，上市公司股票流動(dòng)性也加快了。本文的實(shí)證研究反映了兩個(gè)有益的結(jié)論：一是信息披露質(zhì)量對(duì)于提高股票流動(dòng)性有較大影響；二是我國(guó)深交所對(duì)上市公司信息披露質(zhì)量考評(píng)結(jié)果是切實(shí)有效的。 在實(shí)證分析的基礎(chǔ)上，本文給我國(guó)證券交易所等其他證券交易機(jī)構(gòu)提出建議：學(xué)習(xí)深圳證券交易所對(duì)上市公司信息披露質(zhì)量考評(píng)的做法，促進(jìn)上市公司信息披露質(zhì)量的提高，使得我國(guó)資本市場(chǎng)向著更加健康、有效的方向發(fā)展。
[Abstract]:With the deepening of market, more and more companies and investors to enter the capital market, information disclosure as an important channel of communication between the two, its role has become increasingly prominent. The listed companies are also increasingly concerned about whether their disclosure of information to the attention of investors? Whether to promote the investment behavior? Giveyourself good economic the consequences? This is essentially a problem of the information disclosure quality of a listed company.
Based on the liquidity of the shares of listed companies as a manifestation of the quality of corporate information disclosure of the economic consequences, the quality of information disclosure of listed companies impact on stock liquidity. The theoretical and empirical, qualitative and quantitative, dynamic and static analysis method. The comprehensive using the theory part will be reviewed and concluded the previous for the study of the problem, mainly in the asymmetric information theory, signal transmission and information screening theory to build the analytical framework. Because of information asymmetry between managers and outside investors, managers hope that through the good quality of the information disclosure transfer business performance signal to outside investors, attracting investment and external investors; through the information disclosure of listed companies to identify the status of the company, make the investment decision. According to the analysis of these two angles, I have provided Hypothesis: high quality information disclosure can improve the liquidity of the company's stock. The empirical part selects 2009~2011 Shenzhen stock exchange A shares of non-financial listed companies in Shenzhen Stock Exchange as samples, the disclosure of information disclosure quality evaluation results to measure the quality of information disclosure of listed companies, with spreads, exchange rate and effective measure of stock flow velocity and establish the regression model test. The empirical results show that: the higher the quality of information disclosure, the spread is small, the higher the turnover rate, the effective flow faster. From three angles were verified with the improvement of the quality of information disclosure of listed companies, stock liquidity also accelerated. The empirical research of this paper reflects two conclusions: one is the information disclosure quality has great effect to improve stock liquidity; two is China's Shenzhen Stock Exchange listed company information disclosure quality evaluation results are cut It's really effective.
On the basis of empirical analysis, this paper puts forward suggestions to China's stock exchange and other securities trading institutions: the study of Shenzhen Stock Exchange listed company information disclosure practice quality evaluation, promote listed companies to improve the quality of information disclosure, make China's capital market to a more healthy and effective direction.

【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F224

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