我国上市公司透明度的影响因素研究

发布时间：2018-05-13 18:19

本文选题：上市公司 + 透明度　；参考：《南京航空航天大学》2012年硕士论文

【摘要】：在资本市场中，上市公司信息透明度不高的现象普遍存在，近年来，，国内外不断涌现的造假舞弊事件严重损害了投资者的利益，打击了投资者的信心，提高了市场监管成本和公司融资成本，扭曲市场交易行为，阻碍了市场机制效率的发挥，因此，以上市公司透明度为主题的研究，对促进我国新兴资本市场的健康发展有着重要意义。本文结合资本市场公司信息供给链和信息转化过程，深入剖析了公司透明度的概念内涵，以信号传递理论、委托代理理论和有效资本市场假说为依据，从理论上探讨了导致公司信息低透明度的深层次原因以及提高公司透明度的意义，评价了目前国内外主要的透明度衡量方法，分析我国公司透明度现状及低透明度对经济发展和社会稳定带来的消极影响。在此基础上建立分析框架，采集了2006-2010年深市主板A股上市公司2103个样本点，对变量进行描述性统计和相关性分析，分别采用Mann-Whitney U秩和检验、Multinominal Logistic回归和BinaryLogistic回归挖掘我国公司透明度的决定机制，以期规范上市公司信息披露行为，为披露和监管法规的建设，资本市场的完善与发展提供实证依据。本文以深圳证券交易所网站公布的诚信档案中的信息披露考评结果衡量公司透明度，研究发现：我国公司透明度整体水平不高；从财务状况指标来看，资产收益率指标对公司透明度有显著正向的影响，资产负债率指标和公司透明度显著负相关，存货和应收项目占资产比对公司透明度有负向影响但并不显著，营业收入增长率对公司透明度影响不大；从公司治理特征指标来看，股权集中度与公司透明度相关性不显著，国有上市公司透明度高于非国有上市公司，股权制衡度对公司透明度影响不明显，两职合一会降低董事会独立性，阻碍上市公司透明度的提高，独立董事比例对公司透明度的影响不明显；从公司特质和环境指标来看，资产规模越大，公司透明度越高，在竞争越激烈的行业，透明度趋向于越低水平，市场化进程指数和上市年龄对公司透明度无显著影响。
[Abstract]:In the capital market, the phenomenon that the information transparency of listed companies is not high is widespread. In recent years, the continuous emergence of fraud at home and abroad has seriously damaged the interests of investors and hit the confidence of investors. It increases the cost of market supervision and corporate financing, distorts the market transaction behavior, and hinders the efficiency of market mechanism. Therefore, the research on the transparency of listed companies, To promote the healthy development of China's emerging capital market has an important significance. Combined with the information supply chain and the information transformation process of the capital market, this paper analyzes the connotation of the concept of corporate transparency, which is based on the theory of signal transmission, the principal-agent theory and the efficient capital market hypothesis. This paper theoretically discusses the deep reasons leading to the low transparency of corporate information and the significance of improving the transparency of the company, and evaluates the main transparency measurement methods at home and abroad. This paper analyzes the present situation of corporate transparency in China and the negative impact of low transparency on economic development and social stability. On this basis, an analytical framework is established, and 2103 sample points of A-share listed companies in Shenzhen main Board from 2006 to 2010 are collected, and descriptive statistics and correlation analysis of variables are carried out. Mann-Whitney U rank sum test and BinaryLogistic regression are used to excavate the decision mechanism of transparency of Chinese companies respectively, in order to standardize the behavior of information disclosure of listed companies, and to provide an empirical basis for the construction of disclosure and regulatory regulations and the improvement and development of capital market. This paper measures the transparency of the company based on the results of the information disclosure evaluation in the information disclosure file published on the website of Shenzhen Stock Exchange, and finds that the overall level of transparency of the companies in China is not high. The index of return on assets has a significant positive effect on corporate transparency, the ratio of assets to liabilities is negatively correlated with the transparency of companies, the ratio of inventory to accounts receivable has a negative effect on transparency of companies, but it is not significant. The growth rate of operating income has little effect on the transparency of the company, and from the characteristic index of corporate governance, there is no significant correlation between the degree of ownership concentration and the transparency of the company, and the transparency of the state-owned listed company is higher than that of the non-state-owned listed company. The impact of equity checks and balances on corporate transparency is not obvious. The combination of two positions will reduce the independence of the board of directors and hinder the transparency of listed companies. The proportion of independent directors has no obvious impact on corporate transparency; from the perspective of corporate characteristics and environmental indicators, The larger the asset scale, the higher the transparency of the company. In the more competitive industries, the transparency tends to be lower. The market-oriented process index and listing age have no significant impact on the transparency of the company.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51

【参考文献】