信息生态视角下上市公司信息环境研究

发布时间：2018-01-30 05:42

本文关键词： 上市公司信息环境信息生态信息披露信息传递信息运用　出处：《湖南大学》2013年博士论文　论文类型：学位论文

【摘要】：上市公司信息环境是围绕公司层面信息而展开的各种信息交流和信息活动的集合，信息环境的完善程度直接影响着股价对其内在价值的反应。随着金融全球化的日益推进，信息流动速度越来越快。由于中国证券市场总体上仍处于发展阶段，上市公司在飞速发展的同时存在不少问题，而这些问题与信息环境息息相关。在此背景下，公司信息问题受到学界和业界的高度关注，但对此目前仍缺乏系统深入的研究。因此，本文拟对上市公司信息环境进行系统化研究。信息生态理论为研究信息管理提供了新的视角。本文在信息生态视角下，沿着理论分析、实证研究、政策建议的路线，以沪深A股上市公司为研究对象，度量公司信息环境。并从信息生产、信息传递和信息消费的角度，分别对公司信息披露、传递与运用问题进行实证分析。首先，本文界定上市公司信息环境的基本内涵，强调上市公司信息环境是以上市公司为主要信息源，探讨市场参与主体的各种信息行为，不仅包括其自身的信息披露行为，，还包括信息中介的信息解读和传递行为以及投资者基于公司信息而进行的投资行为等。同时，系统梳理上市公司信息环境及其相关影响的基本理论。其次，本文在归纳总结信息环境度量方法的基础上，以2002~2011年中国上市公司为样本，提出改进后的公司信息含量测度模型，对上市公司信息环境进行度量。并运用会计盈余指标，检验实证结果的有效性。再次，本文依据信息生态理论，分别从信息披露、信息传递以及信息运用三方面，系统探讨上市公司信息环境过程中的信息活动及其引起的股价反应。在上市公司信息披露方面，结合熵权系数法，首次编制沪深上市公司信息披露质量评价指数。并利用上市公司在样本期的综合评价结果，描述沪深两市信息披露质量的整体和行业状况。实证研究结果表明，本文所编制的上市公司信息披露质量评价指数具有较好的解释能力，与现实情况基本吻合；在信息传递方面，重点讨论证券分析师的信息传递行为。具体考察分析师信息传递行为与公司信息间的关系、明星分析师传递行为与公司信息间的关系以及市场涨跌行情的影响。考虑到分析师与公司信息的内生性，提出基于工具变量的实证回归模型。实证结果表明，中国证券分析师传递的信息以市场信息为主，但明星证券分析师能提高股价中的公司信息含量。市场涨跌行情的研究证明，市场行情越好时证券分析师挖掘的公司信息越多；在信息运用研究方面，通过对个人投资者和机构投资者的行为特征进行对比分析，发现机构投资者在信息处理方面具有明显的优势。在此基础上，本文对机构投资者的持股行为进行实证研究。实证结果表明，机构投资者持股比例和持股数量的增加能增加上市公司的公司信息含量，对改善上市公司的信息环境具有积极的作用。此外，通过对机构投资者持股比例与股价崩盘风险间关系的研究发现，机构投资者积极监督者假说在中国证券市场并不成立。最后，在上述实证研究基础上，本文系统阐述中国上市公司信息环境存在的问题，讨论成熟市场在上市公司信息环境建设实践过程中的成功经验与失败教训，并从提高上市公司信息披露质量、规范证券分析师行业发展、加强机构投资者队伍建设以及构建信息协同监管机制等多方面，为完善上市公司信息环境提出政策建议。
[Abstract]:The information environment of listed companies is set on firm level information and launched all kinds of information exchange and information activities, improve the level of information environment directly affects the stock price reaction to its intrinsic value. With the development of financial globalization, information flow faster and faster. The Chinese stock market overall is still in the development stage of listed companies. There are many problems in the rapid development, and these problems and information environment. Under this background, the company information is highly concerned by academia and industry, but there is still a lack of systematic research. Therefore, this paper makes a systematic research on the information environment of listed companies.
Information ecology theory provides a new perspective for the study of information management. In this paper, from the perspective of information ecology, theoretical analysis, empirical research along the route, policy recommendations, in Shanghai and Shenzhen A shares of listed companies as the research object, measure company information environment. And from the information production, information transmission and information consumption perspective, respectively, to the company information disclosure, transmission and application of empirical analysis.
Firstly, this paper defines the basic connotation of the information environment of listed companies, the listed company is to emphasize the information environment of listed companies as the main source of information on all kinds of information behavior of market participants, including not only the disclosure of its own, including information intermediary information interpretation and transfer behavior as well as investors based on company information and investment behavior at the same time, the basic theory of the system combing the information environment of listed companies and related effects.
Secondly, based on the summarized information environment measurement methods, to China companies in 2002~2011 as the sample, measure the information content of the company put forward the improved model, the information environment of listed companies to measure. And the use of accounting earnings index, to test the effectiveness of empirical results.
Again, according to the theory of information ecology, respectively from the three aspects of information disclosure, information transmission and use of information activities system to explore the information environment of Listed Companies in the process of stock price reaction. In terms of information disclosure of listed companies, combined with the entropy weight coefficient method, the first compilation of information disclosure of listed companies and the quality evaluation index. Listed companies in the comprehensive evaluation results of the sample period, Shanghai and Shenzhen two description of the quality of information disclosure and the overall state of the industry. The empirical results show that the design of the listed company information disclosure quality evaluation index has better explanatory ability, consistent with the reality; in the transmission of information, focus on the transfer behavior of securities analysts specific information. Study analyst information transfer behavior relationship with the company information, star analyst behavior and company information transfer The influence of relationship and market prices. Considering the endogenous information analyst with the company, put forward an empirical regression model based on instrumental variables. The empirical results show that the Chinese securities analyst information based on market information, but the star analyst can improve the information content of the company stock price in market prices. The research shows that the more information the better company market securities analyst in information mining; use research, through the analysis and comparison of the behavior of individual investors and institutional investors, institutional investors have found obvious advantage in information processing. On this basis, this paper makes an empirical study on the holding behavior of institutional investors. The empirical results show that increase the proportion of institutional investors holding, and the number of shares of the company can increase the information content of the listed companies, to improve public The information environment of the company has a positive effect. In addition, by studying the relationship between the proportion of institutional investors and the risk of stock price collapse, it is found that the hypothesis of institutional investors' active supervisor is not valid in Chinese stock market.
Finally, in the empirical research based on the existing problems of the listed company information environment Chinese paper system, the successful experience and failure lessons discuss mature market listed companies in the construction of information environment in the process of practice, and improving the quality of information disclosure of listed companies, regulate the development of the securities industry analyst, strengthen institutional investors team construction and the construction of information cooperative supervision mechanism and so on, in order to improve the information environment of listed companies and put forward some policy suggestions.

【学位授予单位】：湖南大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F270.7;F275;F832.51;F276.6

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