上市公司自愿信息披露与企业价值相关性研究

发布时间：2018-05-26 02:40

本文选题：自愿信息披露 + 评价指标体系　；参考：《北京化工大学》2012年硕士论文

【摘要】：强制性信息披露制度自身固有的局限性使得投资者对于信息的需求得不到有效供给。上市公司积极进行自愿性信息披露使投资者需求更好地得到满足，是切实可行的有效途径。本文对其与企业价值之间的相关性进行研究，对于提高上市公司主动进行自愿性信息披露的积极性，促进资本市场健康发展具有重要的理论与现实意义。文章首先在我国国情基础上，综合分析文献中比较成熟的研究成果，设计了一套评价自愿性信息披露水平的指标体系。依照该体系，通过内容分析法为实证研究中选取的100家样本公司2009、2010年自愿性信息披露状况进行打分，进而计算出反映自愿性信息披露水平的指数（VDI）。为全面了解我国上市公司的自愿性信息披露，本文首先设计多元回归模型实证检验了VDI的影响因素。研究结果发现：VDI与国有持股比例、公司净资产收益率、公司规模显著正相关。研究说明这三项指标是影响我国上市公司自愿性信息披露水平最重要的因素。本文的最终落脚点是实证检验自愿性信息披露水平与企业价值的相关性。本研究采用托宾Q值作为表征企业价值的指标，，并将资产负债率、公司规模以及每股现金股利作为控制变量，结果显示两者显著正相关，这对鼓励上市公司积极披露自愿性信息具有重要的指导意义。
[Abstract]:The inherent limitation of mandatory information disclosure system makes investors' demand for information can not be effectively supplied. Voluntary disclosure of information by listed companies is a feasible and effective way to satisfy investors' needs. This paper studies the correlation between it and enterprise value, which has important theoretical and practical significance for improving the enthusiasm of voluntary disclosure of information and promoting the healthy development of capital market. Firstly, on the basis of our country's national conditions, this paper synthetically analyzes the relatively mature research results in the literature, and designs a set of index system to evaluate the level of voluntary information disclosure. According to this system, the voluntary disclosure status of 100 sample companies selected in the empirical study in 2009 and 2010 is graded by content analysis method, and the index reflecting the level of voluntary information disclosure is calculated. In order to fully understand the voluntary information disclosure of listed companies in China, this paper first designs a multivariate regression model to empirically test the influencing factors of VDI. The results show that the proportion of state-owned shares, the return on net assets, and the size of the company are positively correlated with the proportion of VDI. The study shows that these three indicators are the most important factors affecting the voluntary disclosure of information of listed companies in China. The final goal of this paper is to test the correlation between voluntary disclosure level and enterprise value. In this study, Tobin Q value is used as the indicator of enterprise value, and the asset-liability ratio, company size and cash dividend per share are taken as control variables. The results show that there is a significant positive correlation between the two factors. This will encourage listed companies to actively disclose voluntary information has an important guiding significance.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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