中小板公司信息披露对企业绩效影响研究

发布时间：2018-03-07 03:23

本文选题：中小板上市公司　切入点：信息披露　出处：《吉林大学》2012年硕士论文　论文类型：学位论文

【摘要】：2004年，随着我国中小企业在深圳证券交易所挂牌上市，作为上市企业的中小企业信息披露问题也越来越引起人们的关注，同时，随着目前中国经济结构的发展转型，中小企业的发展也成为社会关注的热点问题。本文将人们关注的中小板上市公司信息披露的问题同中小板企业发展问题相结合，研究中小板上市公司的信息披露是否会对企业的绩效产生影响，试图为提高中小企业绩效找出一些经验依据。本文首先对中小板上市公司的整体现状、信息披露的现状和企业绩效的现状进行简单的分析和总结，中小板上市公司目前整体发展十分迅速，信息披露机制正在逐步的完善，企业绩效稳步提高。其次引入信息披露与企业绩效的相关理论，有效市场理论，委托代理理论，信息不对称理论，信号传递理论和信息披露效率的一般理论。通过对相关理论的研究，分析中小板企业信息披露对企业绩效的影响，提出理论假设，最后通过实证研究加以验证。在实证分析中，本文以2009年至2010年深圳证券交易所中小板上市公司的年度财务报告和披露的相关信息为数据基础，进行描述性统计分析，相关性分析，建立多元回归模型，对中小板上市公司信息披露的质量和及时性对企业绩效的影响进行研究。研究发现，中小板上市公司的信息披露质量与企业绩效之间存在着一定的相关性，信息披露的质量同企业绩效之间存在显著的正相关。信息披露的及时性与企业绩效也存在着一定的正相关性，但相关程度不如前者。由于这种相关性的存在，中小企业板上市公司可以通过提高企业信息披露质量和信息披露的及时性来提高企业绩效。这一研究发现能够证实，在我国证券市场的中小板块中，已经存在着信息披露水平对企业绩效作用的有效机制。所以为了能够使中小企业更好的提高企业绩效，在中小企业的公司治理这一板块中应完善信息披露机制，对信息披露的问题还要不断建立健全相关制度。我国政府应该进一步完善适合中小企业的信息披露的相关法律制度，构建一套完整的适合中小企业信息披露评级制度，对中小企业的信息披露水平进行科学合理的评价，同时相关监管部门应健全监管体系，能够有效的抑制不规范的信息披露，保证信息披露的公开和公平性。
[Abstract]:In 2004, with the listing of small and medium-sized enterprises on the Shenzhen Stock Exchange, the information disclosure of SMEs, as listed enterprises, has attracted more and more attention. At the same time, with the development and transformation of China's economic structure, The development of small and medium-sized enterprises has also become a hot issue of social concern. This paper studies whether the information disclosure of the small and medium-sized listed companies will have an impact on the performance of the enterprises, and tries to find some empirical basis for improving the performance of the small and medium-sized enterprises. Firstly, this paper makes a simple analysis and summary of the whole situation, the current situation of information disclosure and the present situation of enterprise performance of the small and medium-sized board listed companies. The whole development of the small and medium-sized board listed companies is very rapid, and the information disclosure mechanism is gradually improving. Secondly, the related theories of information disclosure and enterprise performance, efficient market theory, principal-agent theory, information asymmetry theory are introduced. The paper analyzes the influence of information disclosure on the performance of small and medium-sized enterprises through the research of relevant theories, puts forward the theoretical hypothesis, and finally verifies it by empirical research. In the empirical analysis, based on the annual financial report and related information of the small and medium-sized companies listed on Shenzhen Stock Exchange from 2009 to 2010, this paper carries out descriptive statistical analysis, correlation analysis, and establishes a multivariate regression model. This paper studies the effect of the quality and timeliness of information disclosure on the performance of small and medium-sized listed companies. It is found that there is a certain correlation between the quality of information disclosure and the performance of small and medium-sized listed companies. There is a significant positive correlation between the quality of information disclosure and enterprise performance. There is also a positive correlation between the timeliness of information disclosure and enterprise performance, but the degree of correlation is lower than that of the former. SME board listed companies can improve their performance by improving the quality of information disclosure and the timeliness of information disclosure. There already exists an effective mechanism for the effect of the level of information disclosure on enterprise performance. Therefore, in order to improve the performance of small and medium-sized enterprises, we should improve the mechanism of information disclosure in the plate of corporate governance of small and medium-sized enterprises. The issue of information disclosure should be continuously established and improved related systems. Our government should further improve the relevant legal system of information disclosure suitable for small and medium-sized enterprises, construct a complete information disclosure rating system suitable for small and medium-sized enterprises, and carry out a scientific and reasonable evaluation of the level of information disclosure of small and medium-sized enterprises. At the same time, the relevant regulatory authorities should improve the regulatory system, which can effectively restrain the non-standard information disclosure, and ensure the disclosure of information and fairness.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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