深交所不同板块上市公司信息披露质量影响因素对比研究

发布时间：2018-02-10 15:23

本文关键词： 上市公司信息披露质量影响因素二项Logistic回归分析　出处：《山西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：信息披露是上市公司进行的重要活动之一。近年来，随着网络技术的发展与应用，网络成为上市公司进行信息披露的重要渠道之一。上市公司信息披露的质量直接影响着资本市场的效率以及投资者的权益。因此，对上市公司通过网络等多种渠道进行的信息披露行为，以及所披露信息质量的监管与研究十分必要。与此同时，投资者受益于网络与新媒体的发展，，能够及时获得上市公司披露的信息，正确分析与有效利用相关信息成为投资决策中的必备技能之一。我国上市公司的信息披露质量存在着差异：创业板上市公司的信息披露质量优于中小企业板，而中小企业版优于主板；即使是在相同板块中的上市公司，信息披露质量也不尽相同。本文的研究目的是对比深交所不同板块上市公司信息披露质量的影响因素；此研究的意义是增强上市公司信息披露的意识，为上市公司信息披露质量的监管与提高，以及相关研究做出贡献。本文对信息披露质量的相关概念进行了总结，对信息披露质量影响因素的相关实证研究结果进行了归纳，并从信息传播学的角度对信息披露质量的影响因素进行了全面考量以及定性分析。本文对2012年深交所上市公司内部因素对信息披露质量的影响进行了回归分析与定量研究，并对深交所主板、中小企业板以及创业板上市公司信息披露质量的影响因素进行了对比分析。本文采用的研究方法主要有四个，包括文献研究，跨学科研究，定性以及定量研究。本文的创新主要有两个。其一，借鉴了信息传播学的理论对信息披露质量影响因素进行了分析。其二，对影响深交所不同板块上市公司信息披露质量的上市公司内部因素进行了比较，最后得出影响上市公司信息披露质量的一般性影响因素。本文实证研究结果表明，盈利性以及上市公司规模对上市公司信息披露质量有正面影响；董事长总经理两职分离仅对创业板上市公司信息披露质量有正面影响；股权集中度对上市公司信息披露质量有非常微弱的正面影响；独立董事比例对主板上市公司信息披露质量有负面影响；上市公司的负债率对其信息披露质量并无显著影响。
[Abstract]:Information disclosure is one of the important activities of listed companies. In recent years, with the development and application of network technology, The quality of information disclosure of listed companies directly affects the efficiency of capital market and the rights and interests of investors. It is necessary to monitor and study the information disclosure of listed companies through various channels, such as the Internet, as well as the quality of the information disclosed. At the same time, investors benefit from the development of the network and new media. Be able to obtain the information disclosed by the listed company in a timely manner, Correct analysis and effective use of relevant information has become one of the necessary skills in investment decision-making. There are differences in the quality of information disclosure of listed companies in China: the quality of information disclosure of listed companies in the gem is better than that in the SME board. The SME version is superior to the main board; even the listed companies in the same plate, the quality of information disclosure is not the same. The purpose of this study is to compare the factors affecting the quality of information disclosure of listed companies in different sectors of Shenzhen Stock Exchange; The significance of this study is to enhance the awareness of information disclosure of listed companies, and to contribute to the supervision and improvement of the quality of information disclosure of listed companies, as well as related research. This paper summarizes the related concepts of the quality of information disclosure, and summarizes the relevant empirical research results of the influencing factors of the quality of information disclosure. From the angle of information communication, this paper makes a comprehensive consideration and qualitative analysis on the influencing factors of the quality of information disclosure. This paper makes a regression analysis and quantitative study on the influence of internal factors on the quality of information disclosure in the listed companies of Shenzhen Stock Exchange in 2012. The factors influencing the quality of information disclosure of listed companies in Shenzhen Stock Exchange main Board, SME Board and gem are compared and analyzed. There are four research methods used in this paper, including literature research, interdisciplinary research, etc. Qualitative and quantitative studies. There are two main innovations in this paper. First, the influence factors of information disclosure quality are analyzed based on the theory of information communication. This paper compares the internal factors of listed companies which affect the quality of information disclosure of listed companies in different parts of Shenzhen Stock Exchange, and finally draws the general factors that affect the quality of information disclosure of listed companies. The empirical results show that profitability and the size of listed companies have a positive impact on the quality of information disclosure of listed companies, and the separation of the two positions of chairman general manager has only a positive impact on the quality of information disclosure of listed companies on the gem. Ownership concentration has a very weak positive impact on the quality of information disclosure of listed companies; the proportion of independent directors has a negative impact on the quality of information disclosure of listed companies on the main board; the debt ratio of listed companies has no significant impact on the quality of information disclosure.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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