本文關(guān)鍵詞： 上市公司 信息環(huán)境 信息生態(tài) 信息披露 信息傳遞 信息運用　出處：《湖南大學(xué)》2013年博士論文　論文類型：學(xué)位論文

【摘要】：上市公司信息環(huán)境是圍繞公司層面信息而展開的各種信息交流和信息活動的集合，信息環(huán)境的完善程度直接影響著股價對其內(nèi)在價值的反應(yīng)。隨著金融全球化的日益推進，信息流動速度越來越快。由于中國證券市場總體上仍處于發(fā)展階段，上市公司在飛速發(fā)展的同時存在不少問題，而這些問題與信息環(huán)境息息相關(guān)。在此背景下，公司信息問題受到學(xué)界和業(yè)界的高度關(guān)注，但對此目前仍缺乏系統(tǒng)深入的研究。因此，本文擬對上市公司信息環(huán)境進行系統(tǒng)化研究。 信息生態(tài)理論為研究信息管理提供了新的視角。本文在信息生態(tài)視角下，沿著理論分析、實證研究、政策建議的路線，以滬深A(yù)股上市公司為研究對象，度量公司信息環(huán)境。并從信息生產(chǎn)、信息傳遞和信息消費的角度，分別對公司信息披露、傳遞與運用問題進行實證分析。 首先，本文界定上市公司信息環(huán)境的基本內(nèi)涵，強調(diào)上市公司信息環(huán)境是以上市公司為主要信息源，探討市場參與主體的各種信息行為，不僅包括其自身的信息披露行為，，還包括信息中介的信息解讀和傳遞行為以及投資者基于公司信息而進行的投資行為等。同時，系統(tǒng)梳理上市公司信息環(huán)境及其相關(guān)影響的基本理論。 其次，本文在歸納總結(jié)信息環(huán)境度量方法的基礎(chǔ)上，以2002~2011年中國上市公司為樣本，提出改進后的公司信息含量測度模型，對上市公司信息環(huán)境進行度量。并運用會計盈余指標(biāo)，檢驗實證結(jié)果的有效性。 再次，本文依據(jù)信息生態(tài)理論，分別從信息披露、信息傳遞以及信息運用三方面，系統(tǒng)探討上市公司信息環(huán)境過程中的信息活動及其引起的股價反應(yīng)。在上市公司信息披露方面，結(jié)合熵權(quán)系數(shù)法，首次編制滬深上市公司信息披露質(zhì)量評價指數(shù)。并利用上市公司在樣本期的綜合評價結(jié)果，描述滬深兩市信息披露質(zhì)量的整體和行業(yè)狀況。實證研究結(jié)果表明，本文所編制的上市公司信息披露質(zhì)量評價指數(shù)具有較好的解釋能力，與現(xiàn)實情況基本吻合；在信息傳遞方面，重點討論證券分析師的信息傳遞行為。具體考察分析師信息傳遞行為與公司信息間的關(guān)系、明星分析師傳遞行為與公司信息間的關(guān)系以及市場漲跌行情的影響�？紤]到分析師與公司信息的內(nèi)生性，提出基于工具變量的實證回歸模型。實證結(jié)果表明，中國證券分析師傳遞的信息以市場信息為主，但明星證券分析師能提高股價中的公司信息含量。市場漲跌行情的研究證明，市場行情越好時證券分析師挖掘的公司信息越多；在信息運用研究方面，通過對個人投資者和機構(gòu)投資者的行為特征進行對比分析，發(fā)現(xiàn)機構(gòu)投資者在信息處理方面具有明顯的優(yōu)勢。在此基礎(chǔ)上，本文對機構(gòu)投資者的持股行為進行實證研究。實證結(jié)果表明，機構(gòu)投資者持股比例和持股數(shù)量的增加能增加上市公司的公司信息含量，對改善上市公司的信息環(huán)境具有積極的作用。此外，通過對機構(gòu)投資者持股比例與股價崩盤風(fēng)險間關(guān)系的研究發(fā)現(xiàn)，機構(gòu)投資者積極監(jiān)督者假說在中國證券市場并不成立。 最后，在上述實證研究基礎(chǔ)上，本文系統(tǒng)闡述中國上市公司信息環(huán)境存在的問題，討論成熟市場在上市公司信息環(huán)境建設(shè)實踐過程中的成功經(jīng)驗與失敗教訓(xùn)，并從提高上市公司信息披露質(zhì)量、規(guī)范證券分析師行業(yè)發(fā)展、加強機構(gòu)投資者隊伍建設(shè)以及構(gòu)建信息協(xié)同監(jiān)管機制等多方面，為完善上市公司信息環(huán)境提出政策建議。
[Abstract]:The information environment of listed companies is set on firm level information and launched all kinds of information exchange and information activities, improve the level of information environment directly affects the stock price reaction to its intrinsic value. With the development of financial globalization, information flow faster and faster. The Chinese stock market overall is still in the development stage of listed companies. There are many problems in the rapid development, and these problems and information environment. Under this background, the company information is highly concerned by academia and industry, but there is still a lack of systematic research. Therefore, this paper makes a systematic research on the information environment of listed companies.
Information ecology theory provides a new perspective for the study of information management. In this paper, from the perspective of information ecology, theoretical analysis, empirical research along the route, policy recommendations, in Shanghai and Shenzhen A shares of listed companies as the research object, measure company information environment. And from the information production, information transmission and information consumption perspective, respectively, to the company information disclosure, transmission and application of empirical analysis.
Firstly, this paper defines the basic connotation of the information environment of listed companies, the listed company is to emphasize the information environment of listed companies as the main source of information on all kinds of information behavior of market participants, including not only the disclosure of its own, including information intermediary information interpretation and transfer behavior as well as investors based on company information and investment behavior at the same time, the basic theory of the system combing the information environment of listed companies and related effects.
Secondly, based on the summarized information environment measurement methods, to China companies in 2002~2011 as the sample, measure the information content of the company put forward the improved model, the information environment of listed companies to measure. And the use of accounting earnings index, to test the effectiveness of empirical results.
Again, according to the theory of information ecology, respectively from the three aspects of information disclosure, information transmission and use of information activities system to explore the information environment of Listed Companies in the process of stock price reaction. In terms of information disclosure of listed companies, combined with the entropy weight coefficient method, the first compilation of information disclosure of listed companies and the quality evaluation index. Listed companies in the comprehensive evaluation results of the sample period, Shanghai and Shenzhen two description of the quality of information disclosure and the overall state of the industry. The empirical results show that the design of the listed company information disclosure quality evaluation index has better explanatory ability, consistent with the reality; in the transmission of information, focus on the transfer behavior of securities analysts specific information. Study analyst information transfer behavior relationship with the company information, star analyst behavior and company information transfer The influence of relationship and market prices. Considering the endogenous information analyst with the company, put forward an empirical regression model based on instrumental variables. The empirical results show that the Chinese securities analyst information based on market information, but the star analyst can improve the information content of the company stock price in market prices. The research shows that the more information the better company market securities analyst in information mining; use research, through the analysis and comparison of the behavior of individual investors and institutional investors, institutional investors have found obvious advantage in information processing. On this basis, this paper makes an empirical study on the holding behavior of institutional investors. The empirical results show that increase the proportion of institutional investors holding, and the number of shares of the company can increase the information content of the listed companies, to improve public The information environment of the company has a positive effect. In addition, by studying the relationship between the proportion of institutional investors and the risk of stock price collapse, it is found that the hypothesis of institutional investors' active supervisor is not valid in Chinese stock market.
Finally, in the empirical research based on the existing problems of the listed company information environment Chinese paper system, the successful experience and failure lessons discuss mature market listed companies in the construction of information environment in the process of practice, and improving the quality of information disclosure of listed companies, regulate the development of the securities industry analyst, strengthen institutional investors team construction and the construction of information cooperative supervision mechanism and so on, in order to improve the information environment of listed companies and put forward some policy suggestions.

【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F270.7;F275;F832.51;F276.6

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