不同公司规模下公司治理结构与信息披露质量的关系研究

发布时间：2018-08-17 12:22

【摘要】：我国的证券市场属于一个新兴市场,建立的时间只有十几年,由于上市公司财务舞弊案件接二连三的发生,市场参与者对上市公司信息披露质量的关注度越来越高,信息披露失真、披露不规范的现象十分严重。在理论和实务界,都比较同意信息披露与公司治理之间存在着必要的联系。我国上市公司内部缺少提高信息披露质量的动力,主要是表现在公司治理方面,这是我国信息披露质量不高的内因所在。本研究从不同公司规模的角度,研究公司内部治理结构与信息披露质量之间的关系,探讨信息披露质量的影响因素。对公司治理结构和信息披露质量进行了理论和实证方面的分析。其中,在实证研究部分,以深圳证券交易所2008.2010年间发行A股的上市公司为研究对象,剔除金融类和数据不完整的上市公司,共得到396个上市公司,1188个观测值,并建立二元逻辑回归模型,对公司治理结构和信息披露质量之间的关系进行实证检验。研究发现在总样本中,公司治理结构中的第一大股东持股比例、流通股比例、董事会规模、资产收益率和信息披露质量之间有显著的正相关关系,董事长与总经理的两职合一、资产负债率和信息披露质量有显著的负相关关系。对公司进行分规模研究的结果显示,不同规模公司的治理结构因素与信息披露质量的关系并不完全相同,大型规模公司“一股独大”的现象比较严重,第一大股东持股比例成为影响信息披露质量的最显著因素；中型规模公司的治理结构因素与信息披露质量的关系与总样本的研究结果最为接近；小型规模公司的治理结构因素大部分都对信息披露质量产生显著的影响,说明小型公司对公司内部治理的全面构建是提高信息披露质量最关键的举措。通过理论和实证研究,在得出结论的基础上,对改善我国上市公司治理结构,提高信息披露质量方面,提出了一系列的措施和建议,比如进一步完善股权结构、提高董事会的内部监管、健全市场和政府法规等。
[Abstract]:The securities market of our country belongs to an emerging market, which has only been established for more than ten years. As the financial fraud cases of listed companies have occurred one after another, market participants are paying more and more attention to the quality of information disclosure of listed companies. The information disclosure distortion, the disclosure nonstandard phenomenon is very serious. In theory and practice, both agree that there is a necessary relationship between information disclosure and corporate governance. The lack of motivation to improve the quality of information disclosure in listed companies in China is mainly reflected in corporate governance, which is the internal cause of the low quality of information disclosure in China. This study studies the relationship between the internal governance structure and the quality of information disclosure from the perspective of different company size, and discusses the influencing factors of the quality of information disclosure. The structure of corporate governance and the quality of information disclosure are analyzed theoretically and empirically. In the part of empirical research, taking the listed companies issued by Shenzhen Stock Exchange during 2008.2010 years as the research object, excluding the financial and incomplete listed companies, a total of 396 listed companies are obtained. The relationship between corporate governance structure and the quality of information disclosure is tested empirically. It is found that in the total sample, there is a significant positive correlation between the proportion of the largest shareholders in the corporate governance structure, the proportion of outstanding shares, the size of the board of directors, the rate of return on assets and the quality of information disclosure. There is a significant negative correlation between asset liability ratio and information disclosure quality. The results of the research on the scale of the companies show that the relationship between the factors of governance structure and the quality of information disclosure is not exactly the same, and the phenomenon of "one share alone" in large scale companies is quite serious. The proportion of the largest shareholders is the most significant factor affecting the quality of information disclosure, and the relationship between the governance structure of medium-sized companies and the quality of information disclosure is most close to the research results of the total sample. Most of the governance structure factors of small companies have a significant impact on the quality of information disclosure, which indicates that the overall construction of the internal governance of small companies is the most important measure to improve the quality of information disclosure. On the basis of theoretical and empirical research, this paper puts forward a series of measures and suggestions to improve the governance structure of listed companies and improve the quality of information disclosure in China, such as further improving the ownership structure. Improve the internal supervision of the board of directors, improve the market and government regulations and so on.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】