网络信息披露、投资风险与市场反应

发布时间：2017-12-31 22:08

本文关键词：网络信息披露、投资风险与市场反应　出处：《福州大学》2013年硕士论文　论文类型：学位论文

【摘要】：上市公司信息披露行为是现代公司财务管理理论讨论的核心内容之一。与此同时,上市公司信息披露在资本市场信息公开制度中也占有重要的地位。上市公司信息披露的真实完整能够最大程度地保护投资者的利益,促进资本市场中有限资源的合理配置,维护市场经济的有序性,进而改善资本市场的运行效率。互联网络作为当前上市公司运用的最主要的信息传递渠道,为信息使用者提供了一个最为丰富和快捷的咨询平台。大多数投资者也选择通过网络搜寻所需信息。网络信息披露水平成为了监管部门、组织机构与公众投资者关注的重要问题之一。因此,本文基于科学评价方法,从网络信息披露的内容、设计、技术等多维度水平出发,量化网络信息披露评价指数,综合考评上市公司网络信息披露水平,并探讨了网络信息披露的市场反应,以拓展信息披露评价的理论研究与实践应用。首先,本论文运用规范分析方法对相关理论和国内外文献进行了总结性的回顾与评价,在此基础上对网络信息披露的评价方法进行了系统的梳理和探讨,完成了对网络信息披露评价指标体系的构建；其次,针对当前网络信息披露评价方法所存在的不足,运用将主观评价与客观评价相集合的综合赋权方法——AHP-熵权法为指标体系赋权,形成了一个具有系统性、客观性与可操作性的网络信息披露评价指数,并利用这一量化工具对我国沪深两市的样本上市公司网络信息披露水平进行了科学评价；最后,本论文采用多元回归分析方法,检验了网络信息披露水平对证券分析师评估的投资风险的影响,运用三步回归方法,验证了投资风险在网络信息披露与资本市场反应之间起到的中介作用。本论文的价值在于,以“网络信息披露”这一当前上市公司最主要的披露行为作为研究对象,建立了多维度网络信息披露评价指标体系；将AHP熵权法独创性地引入网络信息披露评价领域研究,构建了网络信息披露评价指数,科学评价网络信息披露水平；首次验证了网络信息披露对证券分析师评估的投资风险的影响,以及投资风险的中介作用,为利益相关主体提供决策依据。该研究成果将促进上市公司信息披露研究的进一步发展,为理论与实务工作者提供参考与借鉴,对将来进一步提高我国上市公司信息披露水平,促进我国资本市场健康发展都具有重要的意义。
[Abstract]:Information disclosure of listed companies is one of the core content of modern corporate financial management theory is discussed. At the same time, also plays an important role in the capital market information disclosure system of information disclosure of listed companies. Information disclosure of listed companies is true and complete to the greatest extent to protect the interests of investors and promote the rational allocation of limited resources in the capital market, in order to maintain in the market economy, and improve the operation efficiency of the capital market. The Internet as the main information of the listed companies using the transmission channels for information users provides a rich and quick consulting platform. Most investors choose the information needed to search through the network. The network has become the information disclosure level of regulatory authorities, one of the important problems of the organization and public investors. Therefore, the scientific evaluation method based on the network The content of information disclosure, design, technology and other multi-dimensional level of quantitative network information disclosure evaluation index, comprehensive evaluation of listed company information disclosure level of network, and discusses the market reaction network information disclosure, to expand the theoretical research and practical application of information disclosure evaluation. Firstly, this thesis uses standard analysis methods on the related theory and the literature review summarizes and evaluation, based on the evaluation method of network information disclosure of systematic research, completed the construction of network information disclosure evaluation index system; secondly, aiming at the shortage of the current network information disclosure evaluation method exists, using the subjective and objective evaluation the combination weighting method, AHP- entropy weight index system, formed a system of objectivity and operability of the network channel Information disclosure evaluation index, and evaluate the use of this quantitative tool on China's Shanghai and Shenzhen two listed companies of network information disclosure level; finally, this paper adopts the method of multiple regression analysis, to test the level of network information disclosure evaluation of securities analysts' investment risk effect, using three step regression method validation the intermediary role between investment risk in network information disclosure and capital market reaction. The value of this paper is to "disclosure of network information disclosure of the listed companies are the major as the research object, establish multi-dimensional network information disclosure evaluation index system; AHP entropy method innovatively introduced network information disclosure evaluation research, establish the network information disclosure evaluation index, scientific evaluation of network information disclosure level; for the first time to verify the network information disclosure of evidence Affected analysts to evaluate the investment risk and investment risk, the intermediary role, to provide decision-making basis for the stakeholders. The research results will promote information disclosure of listed companies of the further development, and provides reference for the theory and practice of the workers, to further improve the level of information disclosure of Listed Companies in China, has important the significance of promoting the healthy development of China's capital market.

【学位授予单位】：福州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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