我國上市公司信息披露質(zhì)量對其公司績效影響的實(shí)證研究
發(fā)布時(shí)間：2019-07-08 19:35
【摘要】：上市公司信息披露質(zhì)量的高低會直接影響證券市場的有效程度和中小投資者利益保護(hù)等重要問題。而我國證券市場是一個(gè)新近發(fā)展起來的市場,一方面信息披露制度相對不完善,另一方面我國上市公司對信息披露作用的認(rèn)識不到位,從而導(dǎo)致相當(dāng)多的上市公司把信息披露看作強(qiáng)制性的義務(wù),缺乏主動提供信息的內(nèi)在動力,最終導(dǎo)致我國上市公司信息披露質(zhì)量整體水平不高,信息披露不真實(shí)、誤導(dǎo)投資者的事件頻繁發(fā)生,給我國證券市場的健康發(fā)展帶來了嚴(yán)重的負(fù)面影響。在這樣的背景下,合理引導(dǎo)上市公司的信息披露行為,增加證券市場上上市公司信息的供給,提升上市公司的透明度,就成為我國證券市場提高其有效程度的必經(jīng)之路。因此研究上市公司信息披露質(zhì)量與其公司績效之間的關(guān)系,對提高上市公司信息披露質(zhì)量的內(nèi)在動力,提升我國上市公司整體的信息披露水平具有重要的理論意義和實(shí)踐意義。 本文在現(xiàn)有理論和實(shí)踐的基礎(chǔ)上,研究了2006-2010年我國深市A股上市公司的信息披露質(zhì)量對其公司績效的影響。本文主要分為兩部分,第一部分研究了我國上市公司信息披露質(zhì)量對其公司績效的非線性影響。第二部分研究了我國上市公司信息披露質(zhì)量變動對其公司績效的非對稱性影響。并且在第一部分的研究中,本文又對樣本數(shù)據(jù)進(jìn)行了分組研究,首先根據(jù)樣本公司是否為ST類公司分為兩組進(jìn)行了研究,然后根據(jù)樣本公司國有持股比例的高低分為兩組進(jìn)行了研究。 從研究結(jié)果可以看出,對于正常非ST類公司,上市公司的信息披露質(zhì)量對其財(cái)務(wù)績效和股票流動性的影響是非線性的,而對其市場績效的影響是線性的；而對于ST類公司而言,信息披露質(zhì)量與其財(cái)務(wù)績效和股票流動性呈現(xiàn)為線性相關(guān)關(guān)系,而與其市場績效是不相關(guān)的;對于國有持股比例高的公司而言,信息披露質(zhì)量對其公司績效的影響不大；而對于國有持股比例低的公司,其信息披露質(zhì)量對其股票流動性和市場績效的影響是非線性的,對財(cái)務(wù)績效的影響是線性的；對于第二部分非對稱性的研究,結(jié)論是,上市公司信息披露質(zhì)量的變動對其財(cái)務(wù)績效和其市場績效的影響是非對稱的,而對其股票流動性則沒有表現(xiàn)出非對稱性來。 最后,本文根據(jù)研究所得的結(jié)論,提出如下建議：加強(qiáng)對上市公司的教育；加強(qiáng)對信息披露較差的上市公司的監(jiān)督；嚴(yán)格國有持股比例較高的上市公司的退出機(jī)制；健全監(jiān)管體系,提高對信息披露違規(guī)的處罰力度；構(gòu)建一套完整的信息披露評級制度；促進(jìn)董事會以及獨(dú)立董事作用的發(fā)揮。
[Abstract]:The quality of information disclosure of listed companies will directly affect the effective level of the securities market and the protection of the small and medium-sized investors. China's stock market is a newly developed market, on the one hand, the information disclosure system is relatively imperfect, on the other hand, the information disclosure effect of the listed company in China is not in place, thus leading to a considerable number of listed companies to regard the disclosure of information as a mandatory obligation, The lack of the internal power to provide information on the initiative ultimately leads to the low overall level of the information disclosure quality of the listed companies in China, the unreal information disclosure, the frequent occurrence of misleading investors and the serious negative impact on the healthy development of the securities market in China. In such a background, it is necessary to guide the information disclosure of the listed company, increase the supply of the information of the listed company on the securities market, and improve the transparency of the listed company. Therefore, it is of great theoretical and practical significance to study the relationship between the quality of the information disclosure of the listed companies and the company's performance, and to improve the internal power of the information disclosure quality of the listed companies and to improve the overall information disclosure level of the listed companies in China. On the basis of the existing theory and practice, this paper studies the information disclosure quality of the A-share listed company in Shenzhen, China, in 2006-2010, and the shadow of its company performance In this paper, the paper is divided into two parts. The first part studies the non-linear shadow of the company's performance by the information disclosure quality of the listed companies in China. In the second part, the asymmetry of the company's performance is studied in the second part. In the first part of the study, the paper also makes a group study of the sample data. First, according to whether the sample company is classified into two groups for ST, then it is divided into two groups according to the proportion of the state-owned holding of the sample company. It can be seen from the results of the study that the effect of the information disclosure quality of the listed company on the financial performance and the stock liquidity of the normal non-ST companies is non-linear, and the effect on its market performance is linear; and for ST-class companies In the case of the Division, the quality of the information disclosure is related to the financial performance and the liquidity of the stock, and the performance of the information is not related to the performance of the market; in the case of a company with a high proportion of the state-owned shares, the quality of the information disclosure has little influence on the performance of the company; and the proportion of the state-owned shares is low The effect of its information disclosure quality on its stock liquidity and market performance is non-linear, and the impact on financial performance is linear; for the second part of the non-symmetry research, The conclusion is that the influence of the change of the information disclosure quality of the listed company on its financial performance and its market performance is asymmetric, and the stock liquidity of the listed company is not shown to be non-symmetrical. Finally, according to the conclusions of the research institute, this paper puts forward the following suggestions: to strengthen the education of listed companies; to strengthen the supervision of the listed companies with poor information disclosure; to strictly state the withdrawal mechanism of the listed companies with higher proportion of the state-owned shares; and Full-regulatory system to improve penalties for information disclosure violations; build a complete set of information disclosure rating systems; promote the board of directors and independent directors
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F233;F224
本文編號：2511825
[Abstract]:The quality of information disclosure of listed companies will directly affect the effective level of the securities market and the protection of the small and medium-sized investors. China's stock market is a newly developed market, on the one hand, the information disclosure system is relatively imperfect, on the other hand, the information disclosure effect of the listed company in China is not in place, thus leading to a considerable number of listed companies to regard the disclosure of information as a mandatory obligation, The lack of the internal power to provide information on the initiative ultimately leads to the low overall level of the information disclosure quality of the listed companies in China, the unreal information disclosure, the frequent occurrence of misleading investors and the serious negative impact on the healthy development of the securities market in China. In such a background, it is necessary to guide the information disclosure of the listed company, increase the supply of the information of the listed company on the securities market, and improve the transparency of the listed company. Therefore, it is of great theoretical and practical significance to study the relationship between the quality of the information disclosure of the listed companies and the company's performance, and to improve the internal power of the information disclosure quality of the listed companies and to improve the overall information disclosure level of the listed companies in China. On the basis of the existing theory and practice, this paper studies the information disclosure quality of the A-share listed company in Shenzhen, China, in 2006-2010, and the shadow of its company performance In this paper, the paper is divided into two parts. The first part studies the non-linear shadow of the company's performance by the information disclosure quality of the listed companies in China. In the second part, the asymmetry of the company's performance is studied in the second part. In the first part of the study, the paper also makes a group study of the sample data. First, according to whether the sample company is classified into two groups for ST, then it is divided into two groups according to the proportion of the state-owned holding of the sample company. It can be seen from the results of the study that the effect of the information disclosure quality of the listed company on the financial performance and the stock liquidity of the normal non-ST companies is non-linear, and the effect on its market performance is linear; and for ST-class companies In the case of the Division, the quality of the information disclosure is related to the financial performance and the liquidity of the stock, and the performance of the information is not related to the performance of the market; in the case of a company with a high proportion of the state-owned shares, the quality of the information disclosure has little influence on the performance of the company; and the proportion of the state-owned shares is low The effect of its information disclosure quality on its stock liquidity and market performance is non-linear, and the impact on financial performance is linear; for the second part of the non-symmetry research, The conclusion is that the influence of the change of the information disclosure quality of the listed company on its financial performance and its market performance is asymmetric, and the stock liquidity of the listed company is not shown to be non-symmetrical. Finally, according to the conclusions of the research institute, this paper puts forward the following suggestions: to strengthen the education of listed companies; to strengthen the supervision of the listed companies with poor information disclosure; to strictly state the withdrawal mechanism of the listed companies with higher proportion of the state-owned shares; and Full-regulatory system to improve penalties for information disclosure violations; build a complete set of information disclosure rating systems; promote the board of directors and independent directors
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F233;F224
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，本文編號：2511825
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