A股、H股交叉上市对自愿性信息披露影响的实证研究

发布时间：2018-01-06 21:37

本文关键词：A股、H股交叉上市对自愿性信息披露影响的实证研究　出处：《暨南大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文以我国沪市A股、H股交叉上市公司为研究对象，通过构建自愿性信息披露指数VDI来衡量上市公司的自愿性信息披露水平，在此基础上，运用OLS回归模型实证检验了A股、H股交叉上市对我国上市公司自愿性信息披露的影响，研究结果表明：我国上市公司的自愿性信息披露水平与A股、H股交叉上市显著正相关，交叉上市能够有效促进上市公司的自愿性信息披露；此外，自愿性信息披露水平与公司规模显著正相关、与公司的资产负债率显著负相关。通过进一步研究A股、H股交叉上市对财务性信息、非财务性信息以及预测性信息自愿披露的影响，本文发现：（1）A股、H股交叉上市有利于提高上市公司财务性信息的自愿披露水平。此外，财务性信息的自愿披露水平与公司股权集中度显著正相关、与公司资产负债率显著负相关；（2）A股、H股交叉上市也有利于提高非财务性信息的自愿披露水平。此外，非财务性信息的自愿披露水平与公司规模和独立董事比例显著正相关、与公司资产负债率显著负相关；（3）对于公司预测性信息的自愿披露，A股、H股交叉上市并不能对其产生显著的影响，，但公司规模与其显著正相关，而董事长与总经理两职合一会抑制公司对预测性信息的自愿披露。
[Abstract]:In this paper, Shanghai A-share, H-share cross-listed companies as the research object, through the construction of voluntary information disclosure index (VDI) to measure the level of voluntary information disclosure of listed companies on this basis. Using OLS regression model, this paper empirically tests the influence of A-share and H-share cross-listing on voluntary information disclosure of listed companies in China. The results show that: the level of voluntary information disclosure of listed companies in China and A shares. Cross-listing of H shares is significantly positive correlation, cross-listing can effectively promote voluntary information disclosure of listed companies; In addition, the level of voluntary disclosure is positively correlated with the size of the company and negatively correlated with the ratio of assets and liabilities. Through the further study of the impact of A-share, H-share cross-listing on financial information, non-financial information and predictive information voluntary disclosure, this paper found that: 1) A shares. Cross-listing of H shares helps to improve the voluntary disclosure level of financial information of listed companies. In addition, the level of voluntary disclosure of financial information is significantly positively correlated with the degree of equity concentration. It has a negative correlation with the ratio of assets and liabilities; In addition, the voluntary disclosure level of non-financial information is significantly positively related to the size of the company and the proportion of independent directors. 2) Cross-listing of A-shares and H-shares is also conducive to improving the level of voluntary disclosure of non-financial information. It has a negative correlation with the ratio of assets and liabilities; 3) for voluntary disclosure of predictive information, cross-listing of A-shares and H-shares does not have a significant impact on it, but the size of the company is positively correlated with it. The combination of chairman and general manager inhibits voluntary disclosure of predictive information.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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