会计信息披露质量与股东忠诚度关系——基于深市上市公司的实证研究

发布时间：2018-04-25 20:17

本文选题：关系管理 + 信息披露　；参考：《技术经济与管理研究》2014年10期

【摘要】：投资者关系管理可以提高公司可信度,进而提高投资者满意度和忠诚度,而提高信息披露质量可以提高公司可信度。那么,在投资者关系管理的前提下会计信息披露质量能否最终带来股东忠诚度呢?文章运用实证分析法,以2004-2005年在深圳交易所发行并上市的A股上市公司作为样本,对上市公司会计信息披露质量与股东忠诚度之间的关系进行统计检验。研究发现,会计信息披露质量与前十大流通股股东增持率有显著的正相关关系,即会计信息披露质量的提高会增加股东忠诚度。研究结果也表明深市信息披露考核等级每增加10%,前十大流通股股东的增持率就会增加大约2%。同时发现,股本扩张能力越强,流通股股东增持率越大,越能吸引股东并提高股东忠诚度。但是,公司盈利能力、公司成长性、公司治理结构和公司规模对增强前十大流通股股东的增持率无显著作用。
[Abstract]:Investor relationship management can improve the credibility of the company, and then improve the satisfaction and loyalty of investors, and improve the quality of information disclosure can improve the credibility of the company. So, under the premise of investor relationship management, can the quality of accounting information disclosure ultimately bring about shareholder loyalty? This paper uses empirical analysis to test the relationship between accounting information disclosure quality and shareholder loyalty of listed companies listed on Shenzhen Stock Exchange in 2004-2005. It is found that there is a significant positive correlation between the quality of accounting information disclosure and the increase rate of shareholders in the top ten outstanding shares, that is, the improvement of the quality of accounting information disclosure will increase the loyalty of shareholders. The results also show that for each increase of 10 levels of information disclosure assessment in Shenzhen Stock Exchange, the increase rate of shareholders in the top 10 tradable shares will increase by about 2%. At the same time, it is found that the stronger the ability of equity expansion, the greater the increase rate of shareholders, the more attractive shareholders and improve the loyalty of shareholders. However, corporate profitability, corporate growth, corporate governance structure and corporate size have no significant effect on the increase rate of the top ten outstanding shareholders.
【作者单位】：南方医科大学人文与管理学院;
【分类号】：F275;F832.51

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