中国上市商业银行自愿性信息披露与代理成本关系研究

发布时间：2018-03-28 09:10

本文选题：自愿性信息披露　切入点：上市商业银行　出处：《南京财经大学》2013年硕士论文

【摘要】：上市商业银行的信息披露包括强制性披露和自愿性披露。与制度驱动型的强制性信息披露不同，自愿性信息披露属于动因激励型的信息披露，自愿性披露的质量和数量反映了上市公司管理者对信息披露可能产生成本和收益的综合考虑。作为金融媒介，商业银行的产品和资本结构与其他企业有较大不同。由于银行业高负债率的特点和稳健性经营的要求，监管部门对其信息披露方式的规定也不同于其他行业。同时，由于商业银行经营的特殊性和专业性，资金的提供者很难了解银行资金的使用渠道，因此商业银行的信息不对称问题比其他行业更为严重，信息披露也尤为重要。而自愿性披露作为上市银行展示经营状况和自身实力的重要方式，具有重要的参考意义。研究自愿性披露与银行代理成本的关系，不仅有利于对商业银行的治理提出改进措施，而且有利于对银行业监管提出政策建议本文通过对2009-2011年我国14家上市商业银行年报的考察，依据信息披露相关规定及国内外的研究成果，设计了包含战略和环境信息、非财务信息、管理层分析和讨论信息、预测信息四大类指标的自愿性信息披露指标体系，并利用改进后的两分法对各指标进行打分汇总。同时，通过引入信息论的熵值法模型，计算出各指标的客观权重，进而得到各上市银行自愿性信息披露水平的综合评价值。本文通过参考国内外研究中选取代理成本替代变量的理念，，针对银行业独有的特征，设定了上市商业银行代理成本的三个替代变量。在对银行规模、绩效以及性质等反映公司基本特征的变量进行控制的情况下，对上市商业银行的自愿性披露水平和代理成本的关系进行了实证分析。本文主要结论如下： 1、我国上市商业银行自愿性信息披露水平存在差异，各类信息在指标体系中按所起作用的大小依次为预测信息、管理层分析和讨论信息、环境和战略信息、非财务信息。从银行的性质上来看，信息披露综合评价值排名前6的银行中，只一家国有银行，其他均为股份制银行。但股份制银行自愿性信息披露的两极分化情况也比较明显，前三名和最后两名均为股份制银行。可见在股份制银行内部，对自愿性信息的披露重视程度也存在一定差异。 2、在对上市银行规模、绩效、股权结构等变量进行控制的情况下，对上市商业银行自愿性披露水平和代理成本的关系进行了实证分析，结果显示反映银行自愿性信息披露水平和代理成本之间存在显著关系。
[Abstract]:Listed commercial bank information disclosure including the mandatory disclosure and voluntary disclosure. And the system of mandatory information disclosure of different driving type, the voluntary disclosure motivation incentive belongs to information disclosure, the quantity and quality of voluntary disclosure reflects the managers of listed companies to disclose considering the possible costs and benefits of information.
As the financial media, commercial bank products and capital structure is quite different from other enterprises. Due to the characteristics and requirements of the stable operation of banking high debt ratio, regulatory disclosure rules on their information is different from other industries. At the same time, the commercial bank by the special and professional products, providers of funds it is difficult to understand the use of bank funds channels, so the information asymmetry problem of commercial banks more serious than any other industry, is also particularly important. Information disclosure and voluntary disclosure of listed banks as an important way to show business conditions and their own strength, which has important reference significance. Research on the relationship between voluntary disclosure and bank agency cost, not only conducive to put forward the improvement measures of governance of commercial banks, but also puts forward policy suggestions on banking supervision
In this paper, through the study of China's 14 Listed Commercial Bank annual report for 2009-2011 years, according to the relevant provisions of the information disclosure and the domestic and foreign research results, the design includes strategic and environmental information, non financial information management, information analysis and discussion, the index system of voluntary information disclosure of forecast information of four major categories of indicators, and scoring summary to each index by dichotomy. The improved model is introduced at the same time, through the method of entropy of information theory, calculate the objective weights of each index, and comprehensive evaluation of the level of voluntary information disclosure of the listed banks. The value of this paper at home and abroad in selected agency cost alternative variable concept, according to the characteristics of the banking industry's unique three, set the substitute variables of listed commercial banks. The agency cost on the banks of scale, performance and properties reflect the basic characteristics of the company for the control variables In the case, the relationship between the voluntary disclosure level and the agency cost of the listed commercial banks is analyzed.
The main conclusions of this paper are as follows:
1, China's listed commercial banks' voluntary disclosure level differences, all kinds of information in the index system according to the work order information, management discussion and analysis of information, environment and strategic information, non financial information from the bank's nature, information disclosure of the comprehensive evaluation value of the top 6 in the bank, only a state-owned bank, all other joint-stock banks. But the polarization of the joint-stock banks voluntary disclosure of information is also more obvious, the top three and the last two are visible in the internal joint-stock banks. The joint-stock banks, the voluntary disclosure of the degree of attention also has some differences.
In 2, the performance of listed banks, control the scale, ownership structure variables, the relationship between the level of voluntary disclosure of Listed Commercial Bank and agency cost were analyzed, results showed that reflect the level of voluntary disclosure of information between the bank and the agency cost have significant relationship.

【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33;F830.42

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