中小板上市公司自愿性信息披露与公司治理结构关系的实证研究

发布时间：2018-08-06 16:55

【摘要】：自愿性信息披露是指企业为树立公司形象、保持和投资者关系、降低资本成本和债务成本，根据信息使用者的需要和企业自身实际情况主动披露的信息。自愿性信息披露可以降低资本市场中证券发行和交易的信息不对称，节约交易成本，避免上市前投资者的“逆向选择”和上市后企业管理当局的“道德风险”，因此，越来越受到上市公司的重视。国外对于自愿性信息披露的研究比较早而且多，但由于我国经济发展状况、文化环境的不同，国外的很多研究并不完全适用我国的上市公司。对此，本文以中小板上市公司为角度，用年报数据分析自愿性信息披露与公司治理结构之间的关系。本文在公司治理结构方面选择了7个解释变量，，分别是国有股比例、第一大股东持股比例、股权集中度、管理层持股比例、董事会规模、独立董事比例、CEO两职状态。同时，以资产规模、负债状况、盈利能力为研究的控制变量，自愿性信息披露指标分为战略性信息、财务信息、非财务信息等三类共37项指标。本研究以40家2008年以前上市的中小板制造业上市公司为样本，数据来源为2008-2010年的年报资料。研究结果显示，我国中小板上市公司自愿性信息披露整体水平比较低，但呈上升趋势。同时，自愿性信息披露与第一大股东持股比例、股权集中度显著负相关，与董事会规模、独立董事比例、CEO两职合一显著正相关，与国有股比例和管理层持股比例相关性不显著。据此实证结果，本文就促进我国中小板上市公司自愿性信息披露的发展提出了建议。
[Abstract]:Voluntary information disclosure refers to the information disclosed actively by enterprises according to the needs of information users and the actual situation of enterprises in order to establish the corporate image, maintain the relationship with investors, reduce the cost of capital and debt. Voluntary disclosure of information can reduce the information asymmetry of securities issuance and trading in capital market, save transaction cost and avoid the "adverse selection" of investors before listing and the "moral hazard" of enterprise management after listing. More and more attention is paid by listed companies. There are many researches on voluntary information disclosure in foreign countries. However, due to the economic development and the different cultural environment in China, many foreign studies are not fully applicable to listed companies in China. In this paper, the relationship between voluntary information disclosure and corporate governance structure is analyzed from the perspective of small and medium-sized listed companies. This paper selects seven explanatory variables in the corporate governance structure, which are the proportion of state-owned shares, the proportion of the largest shareholders, the degree of ownership concentration, the proportion of management ownership, the size of the board of directors and the proportion of independent directors. At the same time, the voluntary information disclosure index is divided into three types: strategic information, financial information, non-financial information and so on. In this study, 40 small and medium board manufacturing listed companies listed before 2008 were taken as a sample, and the data were based on the annual report data from 2008 to 2010. The results show that the overall level of voluntary information disclosure of Chinese small and medium board listed companies is low, but it is on the rise. At the same time, voluntary information disclosure is negatively correlated with the proportion of the largest shareholders and the degree of ownership concentration, positively correlated with the size of the board of directors, the proportion of independent directors and the proportion of CEO, but has no significant correlation with the proportion of state-owned shares and the proportion of managerial shareholdings. Based on the empirical results, this paper puts forward some suggestions to promote the development of voluntary information disclosure of small and medium-sized listed companies in China.
【学位授予单位】：中原工学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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