【摘要】：自愿性信息披露是指企業(yè)為樹(shù)立公司形象、保持和投資者關(guān)系、降低資本成本和債務(wù)成本，根據(jù)信息使用者的需要和企業(yè)自身實(shí)際情況主動(dòng)披露的信息。自愿性信息披露可以降低資本市場(chǎng)中證券發(fā)行和交易的信息不對(duì)稱(chēng)，節(jié)約交易成本，避免上市前投資者的“逆向選擇”和上市后企業(yè)管理當(dāng)局的“道德風(fēng)險(xiǎn)”，因此，越來(lái)越受到上市公司的重視。國(guó)外對(duì)于自愿性信息披露的研究比較早而且多，但由于我國(guó)經(jīng)濟(jì)發(fā)展?fàn)顩r、文化環(huán)境的不同，國(guó)外的很多研究并不完全適用我國(guó)的上市公司。對(duì)此，本文以中小板上市公司為角度，用年報(bào)數(shù)據(jù)分析自愿性信息披露與公司治理結(jié)構(gòu)之間的關(guān)系。 本文在公司治理結(jié)構(gòu)方面選擇了7個(gè)解釋變量，，分別是國(guó)有股比例、第一大股東持股比例、股權(quán)集中度、管理層持股比例、董事會(huì)規(guī)模、獨(dú)立董事比例、CEO兩職狀態(tài)。同時(shí)，以資產(chǎn)規(guī)模、負(fù)債狀況、盈利能力為研究的控制變量，自愿性信息披露指標(biāo)分為戰(zhàn)略性信息、財(cái)務(wù)信息、非財(cái)務(wù)信息等三類(lèi)共37項(xiàng)指標(biāo)。本研究以40家2008年以前上市的中小板制造業(yè)上市公司為樣本，數(shù)據(jù)來(lái)源為2008-2010年的年報(bào)資料。研究結(jié)果顯示，我國(guó)中小板上市公司自愿性信息披露整體水平比較低，但呈上升趨勢(shì)。同時(shí)，自愿性信息披露與第一大股東持股比例、股權(quán)集中度顯著負(fù)相關(guān)，與董事會(huì)規(guī)模、獨(dú)立董事比例、CEO兩職合一顯著正相關(guān)，與國(guó)有股比例和管理層持股比例相關(guān)性不顯著。據(jù)此實(shí)證結(jié)果，本文就促進(jìn)我國(guó)中小板上市公司自愿性信息披露的發(fā)展提出了建議。
[Abstract]:Voluntary information disclosure refers to the information disclosed actively by enterprises according to the needs of information users and the actual situation of enterprises in order to establish the corporate image, maintain the relationship with investors, reduce the cost of capital and debt. Voluntary disclosure of information can reduce the information asymmetry of securities issuance and trading in capital market, save transaction cost and avoid the "adverse selection" of investors before listing and the "moral hazard" of enterprise management after listing. More and more attention is paid by listed companies. There are many researches on voluntary information disclosure in foreign countries. However, due to the economic development and the different cultural environment in China, many foreign studies are not fully applicable to listed companies in China. In this paper, the relationship between voluntary information disclosure and corporate governance structure is analyzed from the perspective of small and medium-sized listed companies. This paper selects seven explanatory variables in the corporate governance structure, which are the proportion of state-owned shares, the proportion of the largest shareholders, the degree of ownership concentration, the proportion of management ownership, the size of the board of directors and the proportion of independent directors. At the same time, the voluntary information disclosure index is divided into three types: strategic information, financial information, non-financial information and so on. In this study, 40 small and medium board manufacturing listed companies listed before 2008 were taken as a sample, and the data were based on the annual report data from 2008 to 2010. The results show that the overall level of voluntary information disclosure of Chinese small and medium board listed companies is low, but it is on the rise. At the same time, voluntary information disclosure is negatively correlated with the proportion of the largest shareholders and the degree of ownership concentration, positively correlated with the size of the board of directors, the proportion of independent directors and the proportion of CEO, but has no significant correlation with the proportion of state-owned shares and the proportion of managerial shareholdings. Based on the empirical results, this paper puts forward some suggestions to promote the development of voluntary information disclosure of small and medium-sized listed companies in China.
【學(xué)位授予單位】：中原工學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51;F224

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