信息传播视角下的我国上市公司信息披露有效性研究

发布时间：2018-01-05 14:41

本文关键词：信息传播视角下的我国上市公司信息披露有效性研究　出处：《华东师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着社会经济的发展,我国证券市场在短短二十几年时间里从无到有,已经迅速发展成为资本市场一支非常重要的力量。但是在发展的过程中,由于制度和组织建设滞后、上市公司和投资者不成熟等原因,暴露出许多问题,上市公司信息披露有效性较差便是其中之一。目前,国内外对于信息披露有效性的研究主要集中在市场有效性和信息不对称理论两个方面,从经济学的角度分析信息披露有效性问题。前者认为如果上市公司信息披露充分有效,则市场能够完全发挥配置资源的作用；而后者则认为信息披露是为了消除代理人和委托人之间的信息不对称,从而减少扭曲的“逆向选择”现象。本文从信息传播学的角度,来重新定义信息披露有效性的概念,将信息披露活动看做信息传播的过程,分别从上市公司(信息源)、传播平台(信道)和投资者(受众)三个方面着手,研究并评价他们的影响因素(噪音)。最后借助传播效果理论,分析和评价上市公司信息披露给投资者带来的影响,以及由此对股票市场产生作用的情况。文章首先在绪论部分表明研究背景、目的和意义,然后介绍国内外的文献综述,最后简要说明文章结构。第二部分主要介绍上市公司信息披露的相关情况。首先界定信息披露的概念和作用,然后介绍信息披露的种类和内容,接着介绍我国上市公司的基本情况以及上市公司信息披露的制度建设情况。第三部分是上市公司信息披露有效性研究,先介绍信息传播有效性理论以及影响因素,然后将其引入上市公司信息披露活动,给出在信息传播视角下的信息披露有效性概念及影响因素。最后介绍我国上市公司信息披露有效性的现状,并举案例说明。第四部分是上市公司信息披露有效性评价,在介绍了国内外四种信息披露有效性评价体系之后,从信息传播源、传播信道和受众三个方面展开,建立信息披露评价指标体系,并选取案例进行实证分析。最后,文章在信息披露有效性理论和实际评价的基础上,尝试性的提出提高信息披露有效性的建议。在文末归纳结论与不足,并对未来研究提出展望。本文的特色和创新之处在于：尝试从信息传播的角度,重新认识上市公司信息披露的有效性问题,并对其概念给出明确定义。同时利用层次分析法,将上市公司信息披露这个信息传播的过程分解成可操作的评价指标体系,从而能够评价上市公司具体的信息披露行为,具有实践意义。
[Abstract]:With the development of social economy, China's securities market has developed rapidly into a very important force in the capital market in a short period of 20 years, but in the process of development. Because of the lag of system and organization construction, the immaturity of listed companies and investors, many problems are exposed, among which the poor effectiveness of information disclosure of listed companies is one of them. At present, the research on the effectiveness of information disclosure at home and abroad mainly focuses on two aspects: market efficiency and information asymmetry theory. This paper analyzes the validity of information disclosure from the angle of economics. The former thinks that if the information disclosure of listed companies is fully effective, then the market can fully play the role of allocating resources; The latter thinks that the information disclosure is to eliminate the information asymmetry between the agent and the principal, thus reducing the distorted phenomenon of "adverse selection". To redefine the concept of the effectiveness of information disclosure, information disclosure activities as a process of information dissemination, respectively from the listed company (information source, communication platform (channel) and investors (audience) three aspects. Finally, with the help of the theory of propagation effect, the paper analyzes and evaluates the influence of information disclosure of listed companies on investors and the effect on the stock market. The paper first introduces the background, purpose and significance of the research in the introduction, then introduces the literature review at home and abroad, and finally briefly explains the structure of the article. The second part mainly introduces the information disclosure of listed companies. Firstly, it defines the concept and role of information disclosure, and then introduces the types and content of information disclosure. Then it introduces the basic situation of listed companies and the construction of information disclosure system of listed companies. The third part is the study of the effectiveness of information disclosure of listed companies, first introducing the theory of the effectiveness of information dissemination and influencing factors, and then introducing it into the information disclosure activities of listed companies. This paper gives the concept of the validity of information disclosure from the perspective of information dissemination and its influencing factors. Finally, it introduces the current situation of the information disclosure effectiveness of listed companies in China, and gives a case study. The 4th part is the evaluation of the effectiveness of information disclosure of listed companies. After introducing four kinds of information disclosure effectiveness evaluation system at home and abroad, the paper starts from three aspects: information source, communication channel and audience. Establish the information disclosure evaluation index system, and select a case for empirical analysis. Finally, based on the theoretical and practical evaluation of the effectiveness of information disclosure, the paper tries to put forward some suggestions to improve the effectiveness of information disclosure. At the end of this paper, the conclusions and shortcomings are summarized, and the prospect of future research is put forward. The characteristics and innovations of this paper are: try to re-understand the effectiveness of information disclosure of listed companies from the perspective of information dissemination, and give a clear definition of its concept. At the same time, use the Analytic hierarchy process. It is of practical significance to decompose the information disclosure process of listed companies into an operational evaluation index system so as to evaluate the specific information disclosure behavior of listed companies.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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