基于有限注意的关联担保信息择时披露研究

发布时间：2018-01-05 02:36

本文关键词：基于有限注意的关联担保信息择时披露研究　出处：《中南大学》2013年硕士论文　论文类型：学位论文

【摘要】：心里学研究发现人的注意力总是有限的,对某一事物的关注必然以牺牲对另一事物的关注为代价。虽然信息对投资者具有举足轻重的作用,信息即金钱,但是,在互联网技术高速发展的现代信息时代,每天有成千上万的信息出现在投资者面前,注意力成为新的稀缺资源。由于受到主观、客观等原因,投资者不能够合理分配注意力,导致一些重要的信息被投资者忽略。近年来,国内外学者从有限注意力角度对资本市场进行了大量的研究,但是从有限注意力角度对关联担保信息披露的研究还属于空白。本文从有限注意力角度研究上市公司关联担保信息择时披露,发现我国上市公司存在基于有限注意的关联担保信息择时披露行为。文章首先探讨相关理论以及相关的文献综述；其次文章选取了2009年到2012年上市公司关联担保数据,采用描述统计方法,展示了关联担保发展现状,以及过度担保和正常担保的择时披露现状；最后文章采用二元Logit回归模型实证检验上市公司是否存在基于有限注意的关联担保信息择时披露行为,以及两权分离对上市公司关联担保信息择时披露的影响。文章具体结论有：(1)上市公司倾向于在公布年报、中报和季报的当天公布过度关联担保信息。(2)上市公司倾向于在周六披露过度关联担保信息。(3)上市公司实际控制人两权分离程度对集中披露效应没有影响,对周六披露效应有正的影响,两权分离程度越大,上市公司越倾向于在周六披露过度关联担保信息。
[Abstract]:Psychological studies have found that human attention is always limited, and that attention to one thing must come at the expense of another. Although information plays an important role for investors, information is money. In the modern information age with the rapid development of Internet technology, thousands of information appear in front of investors every day, and attention becomes a new scarce resource, due to subjective, objective and other reasons. Investors can not reasonably allocate attention, leading to some important information is ignored by investors. In recent years, scholars at home and abroad have done a lot of research on capital market from the perspective of limited attention. However, the research on the disclosure of related guarantee information from the perspective of limited attention is still blank. This paper studies the timing disclosure of related guarantee information of listed companies from the perspective of limited attention. It is found that the listed companies in our country have the related guarantee information disclosure behavior based on limited attention. The article first discusses the relevant theories and related literature review; Secondly, the paper selects the related guarantee data of listed companies from 2009 to 2012, and uses the descriptive statistical method to show the current situation of the development of association guarantee and the timing disclosure of excessive guarantee and normal guarantee. Finally, the paper uses the binary Logit regression model to test whether the listed companies have the timing disclosure behavior based on the limited attention of the related guarantee information. And the impact of the separation of two rights on the disclosure of related guarantee information of listed companies. The specific conclusion of the article is that the listed companies tend to publish their annual reports. China Daily and Quarterly on the same day to publish excessive association guarantee information.) listed companies tend to disclose excessive association guarantee information on Saturday. The degree of separation of the two rights of the actual controller has no effect on the centralized disclosure of listed companies. There is a positive effect on Saturday's disclosure, and the greater the separation between the two rights, the more likely listed companies are to disclose over-correlated collateral information on Saturday.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【共引文献】