控制权结构、产品市场竞争与上市公司信息披露

发布时间：2018-05-07 20:03

本文选题：公司治理结构 + 控制权结构　；参考：《天津财经大学》2013年硕士论文

【摘要】：上市公司是证券市场的基石,而上市公司的信息披露是证券市场的主要信息来源。良好的信息披露是解决资本市场上信息不对称的重要机制,也是缓解代理冲突的重要手段,对于保护投资者利益、优化资源配置、维护证券市场高效运转至关重要。然而在证券市场中,我国上市公司大量存在着信息披露失真、不主动、不及时、不完整、不规范等主要问题,并连续爆发各种财务丑闻事件。继银广厦事件之后,尽管相关部门通过陆续推出多项政策法规并修订相关法律等制度措施来规范上市公司的信息披露,但随后又发生了杭萧钢构等多起违规事件,这些事件表明信息披露问题产生的根源并不在于信息披露制度本身,而在于不完善不健全的公司治理机制。按照现代公司治理理论,公司内、外部机制的有机结合是实现公司良好治理的基础,其中控制权结构是衡量公司内部治理结构是否完善的重要标准,而产品市场竞争是一种重要的外部治理机制。因此,该文从内、外两个层面着手,研究内部治理和产品市场竞争对企业信息披露质量的影响。文中选取2010年深圳证券交易所主板A股上市公司为研究样本,并运用logistic回归模型进行实证分析,从股东制衡和董事会制衡两个方面研究控制权结构对上市公司信息披露的影响,然后根据证监会行业分类标准将样本公司分为低产品市场竞争度行业和高产品市场竞争度行业两组样本,分别研究处于低、高行业竞争度内的上市公司控制权结构与信息披露质量的关系。研究结果表明,上市公司的控制权结构与信息披露质量之间具有显著的相关关系,合理的控制权结构有利于信息披露质量的提高,而产品市场竞争主要通过与公司控制权结构相互协作产生效应：产品市场竞争与董事会治理(独立董事的比例)形成了替代关系,而与股权制衡(股权属性、控股股东控制、高管持股)形成了互补效应。
[Abstract]:The listed company is the cornerstone of the securities market, and the information disclosure of the listed company is the main information source of the securities market. Good information disclosure is an important mechanism to solve the information asymmetry in capital market and also an important means to alleviate agency conflicts. It is very important to protect the interests of investors optimize the allocation of resources and maintain the efficient operation of the securities market. However, in the stock market, a large number of listed companies in our country have many main problems, such as information disclosure distortion, inactivity, untimely, incomplete, non-standard and so on, and a variety of financial scandals have been broken out in succession. After the Yinguangxia incident, although the relevant departments regulated the information disclosure of listed companies by introducing a number of policies and regulations one after another and revising relevant laws and regulations, there were also a number of irregularities such as Hangxiao Steel structure. These events show that the root of the information disclosure problem lies not in the information disclosure system itself, but in the imperfect corporate governance mechanism. According to modern corporate governance theory, the organic combination of internal and external mechanisms is the basis of good corporate governance, in which the control structure is an important standard to measure whether the internal corporate governance structure is perfect or not. The product market competition is an important external governance mechanism. Therefore, this paper studies the influence of internal governance and product market competition on the quality of enterprise information disclosure. This paper selects the 2010 Shenzhen Stock Exchange A-share listed companies as the research sample, and uses the logistic regression model to analyze the impact of the control structure on the information disclosure of listed companies from the aspects of shareholder balance and board of directors checks and balances. Then according to the CSRC industry classification standard, the sample companies are divided into two groups: low product market competition industry and high product market competition industry. The relationship between the control structure of listed companies and the quality of information disclosure. The results show that there is a significant correlation between the control structure of listed companies and the quality of information disclosure, and a reasonable control structure is conducive to the improvement of the quality of information disclosure. The product market competition produces the effect mainly through the cooperation with the company control structure: the product market competition and the board of directors governance (the proportion of the independent director) form the substitution relation, and with the equity balance (the ownership attribute, the controlling shareholder control), Executive ownership) forms a complementary effect.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F274;F832.51

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