本文選題：信息披露質(zhì)量　切入點：股票流動性　出處：《河北經(jīng)貿(mào)大學》2013年碩士論文　論文類型：學位論文

【摘要】：隨著市場化的不斷深入，越來越多的公司和外部投資者進入資本市場，信息披露作為二者之間重要的溝通渠道，其作用日益凸顯。上市公司也越來越關(guān)注自己披露的信息是否為投資者所關(guān)注？是否促進了投資行為？是否給自己帶來好的經(jīng)濟后果？這實質(zhì)上是一個上市公司的信息披露質(zhì)量問題。 本文以上市公司的股票流動性作為公司信息披露質(zhì)量經(jīng)濟后果的一種表現(xiàn)形式，研究了上市公司信息披露質(zhì)量對于股票流動性的影響。分別將理論與實證、定性與定量、動態(tài)與靜態(tài)等分析方法綜合使用。理論部分將前人對于該問題的研究結(jié)果進行了梳理和歸納，主要以信息不對稱理論、信號傳遞與信息甄別理論為基礎(chǔ)構(gòu)建分析框架。由于公司管理者與外部投資者之間信息的不對稱，管理者希望通過好的信息披露質(zhì)量向外部投資者傳遞經(jīng)營業(yè)績較好的信號，吸引其進行投資；而外部投資者通過上市公司所披露的信息來甄別該公司狀況，做出投資決策。根據(jù)這兩個角度的分析，我們提出假設(shè)：高質(zhì)量的信息披露會提高公司的股票流動性。實證部分選取2009~2011年深圳證券交易所A股非金融類上市公司為樣本，以深交所披露的信息披露質(zhì)量考評結(jié)果衡量上市公司信息披露質(zhì)量，以買賣價差、換手率和有效流速全面衡量股票流動性，建立回歸模型進行檢驗。實證結(jié)果表明：信息披露質(zhì)量越高，買賣價差越小，換手率越高，，有效流速越快。即從三個角度分別驗證了隨著信息披露質(zhì)量的提高，上市公司股票流動性也加快了。本文的實證研究反映了兩個有益的結(jié)論：一是信息披露質(zhì)量對于提高股票流動性有較大影響；二是我國深交所對上市公司信息披露質(zhì)量考評結(jié)果是切實有效的。 在實證分析的基礎(chǔ)上，本文給我國證券交易所等其他證券交易機構(gòu)提出建議：學習深圳證券交易所對上市公司信息披露質(zhì)量考評的做法，促進上市公司信息披露質(zhì)量的提高，使得我國資本市場向著更加健康、有效的方向發(fā)展。
[Abstract]:With the deepening of market, more and more companies and investors to enter the capital market, information disclosure as an important channel of communication between the two, its role has become increasingly prominent. The listed companies are also increasingly concerned about whether their disclosure of information to the attention of investors? Whether to promote the investment behavior? Giveyourself good economic the consequences? This is essentially a problem of the information disclosure quality of a listed company.
Based on the liquidity of the shares of listed companies as a manifestation of the quality of corporate information disclosure of the economic consequences, the quality of information disclosure of listed companies impact on stock liquidity. The theoretical and empirical, qualitative and quantitative, dynamic and static analysis method. The comprehensive using the theory part will be reviewed and concluded the previous for the study of the problem, mainly in the asymmetric information theory, signal transmission and information screening theory to build the analytical framework. Because of information asymmetry between managers and outside investors, managers hope that through the good quality of the information disclosure transfer business performance signal to outside investors, attracting investment and external investors; through the information disclosure of listed companies to identify the status of the company, make the investment decision. According to the analysis of these two angles, I have provided Hypothesis: high quality information disclosure can improve the liquidity of the company's stock. The empirical part selects 2009~2011 Shenzhen stock exchange A shares of non-financial listed companies in Shenzhen Stock Exchange as samples, the disclosure of information disclosure quality evaluation results to measure the quality of information disclosure of listed companies, with spreads, exchange rate and effective measure of stock flow velocity and establish the regression model test. The empirical results show that: the higher the quality of information disclosure, the spread is small, the higher the turnover rate, the effective flow faster. From three angles were verified with the improvement of the quality of information disclosure of listed companies, stock liquidity also accelerated. The empirical research of this paper reflects two conclusions: one is the information disclosure quality has great effect to improve stock liquidity; two is China's Shenzhen Stock Exchange listed company information disclosure quality evaluation results are cut It's really effective.
On the basis of empirical analysis, this paper puts forward suggestions to China's stock exchange and other securities trading institutions: the study of Shenzhen Stock Exchange listed company information disclosure practice quality evaluation, promote listed companies to improve the quality of information disclosure, make China's capital market to a more healthy and effective direction.

【學位授予單位】：河北經(jīng)貿(mào)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51;F224

【參考文獻】

相關(guān)期刊論文 前10條

1 巫升柱;;自愿披露水平與股票流動性的實證研究——基于中國上市公司年度報告的經(jīng)驗[J];財經(jīng)問題研究;2007年08期

2 劉朝霞;孫麗娜;;上市公司信息披露質(zhì)量研究[J];財會通訊;2010年24期

3 王曉春;流動性與我國證券市場交易及其機制的選擇[J];財經(jīng)理論與實踐;2000年04期

4 南開大學公司治理研究中心公司治理評價課題組;中國上市公司治理指數(shù)與治理績效的實證分析[J];管理世界;2004年02期

5 吳戰(zhàn)篪;喬楠;余杰;;信息披露質(zhì)量與股票市場流動性——來自中國股市的經(jīng)驗證據(jù)[J];經(jīng)濟經(jīng)緯;2008年01期

6 李丹蒙;;公司透明度與分析師預測活動[J];經(jīng)濟科學;2007年06期

7 蔡傳里;許家林;;上市公司信息透明度對股票流動性的影響——來自深市上市公司2004～2006年的經(jīng)驗證據(jù)[J];經(jīng)濟與管理研究;2010年08期

8 董鋒;韓立巖;;中國股市透明度提高對市場質(zhì)量影響的實證分析[J];經(jīng)濟研究;2006年05期

9 屈文洲;許年行;關(guān)家雄;吳世農(nóng);;市場化、政府干預與股票流動性溢價的分配[J];經(jīng)濟研究;2008年04期

10 許紹雙;;上市公司信息披露質(zhì)量評價:一個分析框架[J];中國注冊會計師;2011年09期

相關(guān)碩士學位論文 前2條

1 張晨;信息披露質(zhì)量與流動性的實證分析[D];對外經(jīng)濟貿(mào)易大學;2007年

2 楊國光;上市公司信息披露水平對股票流動性影響[D];廈門大學;2009年

本文編號：1652572