我国上市公司信息披露质量对其公司绩效影响的实证研究

发布时间：2019-07-08 19:35

【摘要】：上市公司信息披露质量的高低会直接影响证券市场的有效程度和中小投资者利益保护等重要问题。而我国证券市场是一个新近发展起来的市场,一方面信息披露制度相对不完善,另一方面我国上市公司对信息披露作用的认识不到位,从而导致相当多的上市公司把信息披露看作强制性的义务,缺乏主动提供信息的内在动力,最终导致我国上市公司信息披露质量整体水平不高,信息披露不真实、误导投资者的事件频繁发生,给我国证券市场的健康发展带来了严重的负面影响。在这样的背景下,合理引导上市公司的信息披露行为,增加证券市场上上市公司信息的供给,提升上市公司的透明度,就成为我国证券市场提高其有效程度的必经之路。因此研究上市公司信息披露质量与其公司绩效之间的关系,对提高上市公司信息披露质量的内在动力,提升我国上市公司整体的信息披露水平具有重要的理论意义和实践意义。本文在现有理论和实践的基础上,研究了2006-2010年我国深市A股上市公司的信息披露质量对其公司绩效的影响。本文主要分为两部分,第一部分研究了我国上市公司信息披露质量对其公司绩效的非线性影响。第二部分研究了我国上市公司信息披露质量变动对其公司绩效的非对称性影响。并且在第一部分的研究中,本文又对样本数据进行了分组研究,首先根据样本公司是否为ST类公司分为两组进行了研究,然后根据样本公司国有持股比例的高低分为两组进行了研究。从研究结果可以看出,对于正常非ST类公司,上市公司的信息披露质量对其财务绩效和股票流动性的影响是非线性的,而对其市场绩效的影响是线性的；而对于ST类公司而言,信息披露质量与其财务绩效和股票流动性呈现为线性相关关系,而与其市场绩效是不相关的;对于国有持股比例高的公司而言,信息披露质量对其公司绩效的影响不大；而对于国有持股比例低的公司,其信息披露质量对其股票流动性和市场绩效的影响是非线性的,对财务绩效的影响是线性的；对于第二部分非对称性的研究,结论是,上市公司信息披露质量的变动对其财务绩效和其市场绩效的影响是非对称的,而对其股票流动性则没有表现出非对称性来。最后,本文根据研究所得的结论,提出如下建议：加强对上市公司的教育；加强对信息披露较差的上市公司的监督；严格国有持股比例较高的上市公司的退出机制；健全监管体系,提高对信息披露违规的处罚力度；构建一套完整的信息披露评级制度；促进董事会以及独立董事作用的发挥。
[Abstract]:The quality of information disclosure of listed companies will directly affect the effective level of the securities market and the protection of the small and medium-sized investors. China's stock market is a newly developed market, on the one hand, the information disclosure system is relatively imperfect, on the other hand, the information disclosure effect of the listed company in China is not in place, thus leading to a considerable number of listed companies to regard the disclosure of information as a mandatory obligation, The lack of the internal power to provide information on the initiative ultimately leads to the low overall level of the information disclosure quality of the listed companies in China, the unreal information disclosure, the frequent occurrence of misleading investors and the serious negative impact on the healthy development of the securities market in China. In such a background, it is necessary to guide the information disclosure of the listed company, increase the supply of the information of the listed company on the securities market, and improve the transparency of the listed company. Therefore, it is of great theoretical and practical significance to study the relationship between the quality of the information disclosure of the listed companies and the company's performance, and to improve the internal power of the information disclosure quality of the listed companies and to improve the overall information disclosure level of the listed companies in China. On the basis of the existing theory and practice, this paper studies the information disclosure quality of the A-share listed company in Shenzhen, China, in 2006-2010, and the shadow of its company performance In this paper, the paper is divided into two parts. The first part studies the non-linear shadow of the company's performance by the information disclosure quality of the listed companies in China. In the second part, the asymmetry of the company's performance is studied in the second part. In the first part of the study, the paper also makes a group study of the sample data. First, according to whether the sample company is classified into two groups for ST, then it is divided into two groups according to the proportion of the state-owned holding of the sample company. It can be seen from the results of the study that the effect of the information disclosure quality of the listed company on the financial performance and the stock liquidity of the normal non-ST companies is non-linear, and the effect on its market performance is linear; and for ST-class companies In the case of the Division, the quality of the information disclosure is related to the financial performance and the liquidity of the stock, and the performance of the information is not related to the performance of the market; in the case of a company with a high proportion of the state-owned shares, the quality of the information disclosure has little influence on the performance of the company; and the proportion of the state-owned shares is low The effect of its information disclosure quality on its stock liquidity and market performance is non-linear, and the impact on financial performance is linear; for the second part of the non-symmetry research, The conclusion is that the influence of the change of the information disclosure quality of the listed company on its financial performance and its market performance is asymmetric, and the stock liquidity of the listed company is not shown to be non-symmetrical. Finally, according to the conclusions of the research institute, this paper puts forward the following suggestions: to strengthen the education of listed companies; to strengthen the supervision of the listed companies with poor information disclosure; to strictly state the withdrawal mechanism of the listed companies with higher proportion of the state-owned shares; and Full-regulatory system to improve penalties for information disclosure violations; build a complete set of information disclosure rating systems; promote the board of directors and independent directors
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F233;F224

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