我国上市公司自愿性信息披露程度的影响因素研究

发布时间：2018-02-03 05:27

本文关键词： 自愿性信息披露代理成本董事长个人特征　出处：《上海师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国市场经济与资本市场的不断发展,社会各界对上市公司的信息披露提出了更高的要求,上市公司仅仅进行强制性信息披露已不能满足投资者多样化的信息需求,不断有新的需求来促进上市公司披露更多的自愿性信息。通过自愿性信息的披露,上市公司不但能够提高企业信息披露的质量,减少信息不对称；并且还能改善与投资者之间的关系,提高公司的形象与声誉,进而增加公司的价值,降低公司的诉讼成本以及提高公司的核心竞争力。目前,我国对上市公司自愿性信息披露程度的相关研究还是远远不够的,基于此,本文从理论和实证两方面对我国上市公司自愿性信息披露程度状况,以及影响自愿性信息披露程度的因素进行了系统的分析,旨在为完善我国上市公司自愿性信息披露机制提供一点借鉴。本文首先参考Meek (1995)提出的自愿性信息披露指数的框架,结合我国上市公司年报的基本情况和有关学者的研究自行构建了我国上市公司自愿性信息披露指数并对我国自愿性信息披露程度的现状进行了描述性统计分析,然后以自行构建的自愿性信息披露程度指数作为被解释变量,分别从公司特征、公司治理、外部监管与管理者特征四个方面选取10个解释变量,并以公司规模、财务杠杆与企业是否是国有企业为控制变量,建立多元线性回归模型对影响我国上市公司自愿性信息披露程度的因素进行了实证研究。本文通过选取2012年度208家深圳交易所主板A股制造业上市公司为研究样本,基于自行构建的自愿性信息披露指数对我国自愿性信息披露程度的现状进行了描述性统计分析后发现,我国上市企业的自愿性信息披露还是表现出披露水平不佳,披露意愿不强的特点。在具体披露内容上,管理层有很明显的选择性偏好,侧重于战略性信息和反映历史信息的财务分析信息的披露,而对于与投资者决策更相关的预测性信息及证监会更加鼓励披露的社会责任信息的披露较为保守。基于信号传递理论、代理成本理论和高层梯队理论研究了我国上市公司自愿性信息披露程度的影响因素,基于上述研究样本,经研究发现,公司的自愿性信息披露程度与管理者与所有者之间的代理成本、股权集中度显著负相关,与董事长年龄显著正相关；公司的自愿性信息披露程度与盈利能力、独立董事比例、是否为国际四大会计师事务所审计正相关,但不是很显著；自愿性信息披露程度与公司所处行业的竞争激烈程度、公司董事长与总经理是否由同一人担任、公司是否同时在境内外上市非显著负相关；相对于男性董事长,女性董事长的自愿性信息披露程度更高。本文的研究结果丰富了相关文献,特别是为从管理者特征和代理成本方面解释我国上市企业的自愿性信息披露程度状况提供了经验证据。
[Abstract]:With the continuous development of market economy and capital market in our country, all walks of life have put forward higher requirements to the information disclosure of listed companies. Only mandatory disclosure of information by listed companies can not meet the diversified information needs of investors. There are new needs to promote the disclosure of more voluntary information by voluntary information disclosure. Listed companies can not only improve the quality of information disclosure, reduce information asymmetry; And it can also improve the relationship with investors, improve the image and reputation of the company, and then increase the value of the company, reduce the costs of litigation and improve the core competitiveness of the company. The related research on voluntary information disclosure of listed companies in our country is still far from enough. Based on this, this paper analyzes the degree of voluntary information disclosure of listed companies in China from both theoretical and empirical aspects. And the factors that influence the degree of voluntary information disclosure are systematically analyzed in order to provide some reference for perfecting the mechanism of voluntary information disclosure of listed companies in China. This paper first refers to the framework of voluntary disclosure index proposed by Meek / 1995. Combined with the basic situation of the annual report of listed companies in China and the research of relevant scholars, the voluntary information disclosure index of listed companies in our country is constructed and the current situation of voluntary information disclosure in China is analyzed by descriptive statistics. Then the self-constructed voluntary disclosure degree index is taken as the explained variable, and 10 explanatory variables are selected from four aspects: corporate characteristics, corporate governance, external supervision and management characteristics. Based on the variables of company size, financial leverage and whether the enterprise is a state-owned enterprise, a multivariate linear regression model is established to study the factors that affect the degree of voluntary disclosure of information of listed companies in China. This paper selects 208 A-share manufacturing companies listed on the main Board of Shenzhen Stock Exchange in 2012 as the research sample. Based on the self-constructed voluntary disclosure index, this paper makes a descriptive statistical analysis of the current situation of voluntary information disclosure in China. The voluntary information disclosure of listed enterprises in China still shows the characteristics of poor disclosure level and weak willingness to disclose. In the specific disclosure content, the management has a very obvious preference for selectivity. Emphasis is placed on the disclosure of strategic information and financial analysis information reflecting historical information. On the other hand, the predictive information which is more relevant to the investor decision and the CSR information which the CSRC encourages to disclose are more conservative and based on the theory of signal transmission. Agency cost theory and high-level echelon theory have studied the influencing factors of voluntary information disclosure of listed companies in China. Based on the above research samples, the study found. The degree of voluntary information disclosure is negatively correlated with agency cost between manager and owner, ownership concentration, and the age of chairman. The degree of voluntary disclosure of information is positively related to the profitability and the proportion of independent directors, but is not significant for the audit of the four major international accounting firms; The degree of voluntary information disclosure is closely related to the fierce competition in the industry, whether the chairman of the company and the general manager are the same person, and whether the company is listed at home and abroad at the same time is not significantly negative correlation; Compared with the male chairman, the female chairman has a higher degree of voluntary disclosure. The results of this study enrich the relevant literature. In particular, it provides empirical evidence for explaining the voluntary disclosure degree of listed enterprises in China from the aspects of managerial characteristics and agency costs.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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