上市公司信息披露质量对股票流动性影响研究

发布时间：2018-03-23 07:58

本文选题：信息披露质量　切入点：股票流动性　出处：《河北经贸大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着市场化的不断深入，越来越多的公司和外部投资者进入资本市场，信息披露作为二者之间重要的沟通渠道，其作用日益凸显。上市公司也越来越关注自己披露的信息是否为投资者所关注？是否促进了投资行为？是否给自己带来好的经济后果？这实质上是一个上市公司的信息披露质量问题。本文以上市公司的股票流动性作为公司信息披露质量经济后果的一种表现形式，研究了上市公司信息披露质量对于股票流动性的影响。分别将理论与实证、定性与定量、动态与静态等分析方法综合使用。理论部分将前人对于该问题的研究结果进行了梳理和归纳，主要以信息不对称理论、信号传递与信息甄别理论为基础构建分析框架。由于公司管理者与外部投资者之间信息的不对称，管理者希望通过好的信息披露质量向外部投资者传递经营业绩较好的信号，吸引其进行投资；而外部投资者通过上市公司所披露的信息来甄别该公司状况，做出投资决策。根据这两个角度的分析，我们提出假设：高质量的信息披露会提高公司的股票流动性。实证部分选取2009~2011年深圳证券交易所A股非金融类上市公司为样本，以深交所披露的信息披露质量考评结果衡量上市公司信息披露质量，以买卖价差、换手率和有效流速全面衡量股票流动性，建立回归模型进行检验。实证结果表明：信息披露质量越高，买卖价差越小，换手率越高，，有效流速越快。即从三个角度分别验证了随着信息披露质量的提高，上市公司股票流动性也加快了。本文的实证研究反映了两个有益的结论：一是信息披露质量对于提高股票流动性有较大影响；二是我国深交所对上市公司信息披露质量考评结果是切实有效的。在实证分析的基础上，本文给我国证券交易所等其他证券交易机构提出建议：学习深圳证券交易所对上市公司信息披露质量考评的做法，促进上市公司信息披露质量的提高，使得我国资本市场向着更加健康、有效的方向发展。
[Abstract]:With the deepening of market, more and more companies and investors to enter the capital market, information disclosure as an important channel of communication between the two, its role has become increasingly prominent. The listed companies are also increasingly concerned about whether their disclosure of information to the attention of investors? Whether to promote the investment behavior? Giveyourself good economic the consequences? This is essentially a problem of the information disclosure quality of a listed company.
Based on the liquidity of the shares of listed companies as a manifestation of the quality of corporate information disclosure of the economic consequences, the quality of information disclosure of listed companies impact on stock liquidity. The theoretical and empirical, qualitative and quantitative, dynamic and static analysis method. The comprehensive using the theory part will be reviewed and concluded the previous for the study of the problem, mainly in the asymmetric information theory, signal transmission and information screening theory to build the analytical framework. Because of information asymmetry between managers and outside investors, managers hope that through the good quality of the information disclosure transfer business performance signal to outside investors, attracting investment and external investors; through the information disclosure of listed companies to identify the status of the company, make the investment decision. According to the analysis of these two angles, I have provided Hypothesis: high quality information disclosure can improve the liquidity of the company's stock. The empirical part selects 2009~2011 Shenzhen stock exchange A shares of non-financial listed companies in Shenzhen Stock Exchange as samples, the disclosure of information disclosure quality evaluation results to measure the quality of information disclosure of listed companies, with spreads, exchange rate and effective measure of stock flow velocity and establish the regression model test. The empirical results show that: the higher the quality of information disclosure, the spread is small, the higher the turnover rate, the effective flow faster. From three angles were verified with the improvement of the quality of information disclosure of listed companies, stock liquidity also accelerated. The empirical research of this paper reflects two conclusions: one is the information disclosure quality has great effect to improve stock liquidity; two is China's Shenzhen Stock Exchange listed company information disclosure quality evaluation results are cut It's really effective.
On the basis of empirical analysis, this paper puts forward suggestions to China's stock exchange and other securities trading institutions: the study of Shenzhen Stock Exchange listed company information disclosure practice quality evaluation, promote listed companies to improve the quality of information disclosure, make China's capital market to a more healthy and effective direction.

【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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