【摘要】：我國的證券市場屬于一個新興市場,建立的時(shí)間只有十幾年,由于上市公司財(cái)務(wù)舞弊案件接二連三的發(fā)生,市場參與者對上市公司信息披露質(zhì)量的關(guān)注度越來越高,信息披露失真、披露不規(guī)范的現(xiàn)象十分嚴(yán)重。在理論和實(shí)務(wù)界,都比較同意信息披露與公司治理之間存在著必要的聯(lián)系。我國上市公司內(nèi)部缺少提高信息披露質(zhì)量的動力,主要是表現(xiàn)在公司治理方面,這是我國信息披露質(zhì)量不高的內(nèi)因所在。 本研究從不同公司規(guī)模的角度,研究公司內(nèi)部治理結(jié)構(gòu)與信息披露質(zhì)量之間的關(guān)系,探討信息披露質(zhì)量的影響因素。對公司治理結(jié)構(gòu)和信息披露質(zhì)量進(jìn)行了理論和實(shí)證方面的分析。其中,在實(shí)證研究部分,以深圳證券交易所2008.2010年間發(fā)行A股的上市公司為研究對象,剔除金融類和數(shù)據(jù)不完整的上市公司,共得到396個上市公司,1188個觀測值,并建立二元邏輯回歸模型,對公司治理結(jié)構(gòu)和信息披露質(zhì)量之間的關(guān)系進(jìn)行實(shí)證檢驗(yàn)。研究發(fā)現(xiàn)在總樣本中,公司治理結(jié)構(gòu)中的第一大股東持股比例、流通股比例、董事會規(guī)模、資產(chǎn)收益率和信息披露質(zhì)量之間有顯著的正相關(guān)關(guān)系,董事長與總經(jīng)理的兩職合一、資產(chǎn)負(fù)債率和信息披露質(zhì)量有顯著的負(fù)相關(guān)關(guān)系。對公司進(jìn)行分規(guī)模研究的結(jié)果顯示,不同規(guī)模公司的治理結(jié)構(gòu)因素與信息披露質(zhì)量的關(guān)系并不完全相同,大型規(guī)模公司“一股獨(dú)大”的現(xiàn)象比較嚴(yán)重,第一大股東持股比例成為影響信息披露質(zhì)量的最顯著因素；中型規(guī)模公司的治理結(jié)構(gòu)因素與信息披露質(zhì)量的關(guān)系與總樣本的研究結(jié)果最為接近；小型規(guī)模公司的治理結(jié)構(gòu)因素大部分都對信息披露質(zhì)量產(chǎn)生顯著的影響,說明小型公司對公司內(nèi)部治理的全面構(gòu)建是提高信息披露質(zhì)量最關(guān)鍵的舉措。 通過理論和實(shí)證研究,在得出結(jié)論的基礎(chǔ)上,對改善我國上市公司治理結(jié)構(gòu),提高信息披露質(zhì)量方面,提出了一系列的措施和建議,比如進(jìn)一步完善股權(quán)結(jié)構(gòu)、提高董事會的內(nèi)部監(jiān)管、健全市場和政府法規(guī)等。
[Abstract]:The securities market of our country belongs to an emerging market, which has only been established for more than ten years. As the financial fraud cases of listed companies have occurred one after another, market participants are paying more and more attention to the quality of information disclosure of listed companies. The information disclosure distortion, the disclosure nonstandard phenomenon is very serious. In theory and practice, both agree that there is a necessary relationship between information disclosure and corporate governance. The lack of motivation to improve the quality of information disclosure in listed companies in China is mainly reflected in corporate governance, which is the internal cause of the low quality of information disclosure in China. This study studies the relationship between the internal governance structure and the quality of information disclosure from the perspective of different company size, and discusses the influencing factors of the quality of information disclosure. The structure of corporate governance and the quality of information disclosure are analyzed theoretically and empirically. In the part of empirical research, taking the listed companies issued by Shenzhen Stock Exchange during 2008.2010 years as the research object, excluding the financial and incomplete listed companies, a total of 396 listed companies are obtained. The relationship between corporate governance structure and the quality of information disclosure is tested empirically. It is found that in the total sample, there is a significant positive correlation between the proportion of the largest shareholders in the corporate governance structure, the proportion of outstanding shares, the size of the board of directors, the rate of return on assets and the quality of information disclosure. There is a significant negative correlation between asset liability ratio and information disclosure quality. The results of the research on the scale of the companies show that the relationship between the factors of governance structure and the quality of information disclosure is not exactly the same, and the phenomenon of "one share alone" in large scale companies is quite serious. The proportion of the largest shareholders is the most significant factor affecting the quality of information disclosure, and the relationship between the governance structure of medium-sized companies and the quality of information disclosure is most close to the research results of the total sample. Most of the governance structure factors of small companies have a significant impact on the quality of information disclosure, which indicates that the overall construction of the internal governance of small companies is the most important measure to improve the quality of information disclosure. On the basis of theoretical and empirical research, this paper puts forward a series of measures and suggestions to improve the governance structure of listed companies and improve the quality of information disclosure in China, such as further improving the ownership structure. Improve the internal supervision of the board of directors, improve the market and government regulations and so on.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 沈田豐，，韓靈麗;論上市公司的信息披露[J];財(cái)經(jīng)論叢(浙江財(cái)經(jīng)學(xué)院學(xué)報(bào));1994年02期

2 杜興強(qiáng);溫日光;;公司治理與會計(jì)信息質(zhì)量:一項(xiàng)經(jīng)驗(yàn)研究[J];財(cái)經(jīng)研究;2007年01期

3 李平;林建飛;王立群;;公司治理、財(cái)務(wù)狀況與財(cái)務(wù)報(bào)告舞弊關(guān)系的實(shí)證研究[J];財(cái)會通訊;2009年21期

4 喬旭東;上市公司年度報(bào)告自愿披露行為的實(shí)證研究[J];當(dāng)代經(jīng)濟(jì)科學(xué);2003年02期

5 李豫湘,付秀明,彭聰,李黎明;中國公司治理與自愿信息披露的實(shí)證分析[J];重慶大學(xué)學(xué)報(bào)(自然科學(xué)版);2004年12期

6 唐清泉;羅黨論;;設(shè)立獨(dú)立董事的效果分析——來自中國上市公司獨(dú)立董事的問卷調(diào)查[J];中國工業(yè)經(jīng)濟(jì);2006年01期

7 王秀麗;會計(jì)信息披露與公司治理結(jié)構(gòu)關(guān)系研究[J];國際貿(mào)易問題;2003年10期

8 李芬芬;;影響我國上市公司信息披露質(zhì)量的因素分析[J];經(jīng)營管理者;2010年13期

9 吳偉榮;;上市公司會計(jì)信息披露質(zhì)量分析[J];合作經(jīng)濟(jì)與科技;2008年18期

10 張俊生,曾亞敏;上市公司的失信行為:公司治理角度的分析[J];經(jīng)濟(jì)科學(xué);2004年06期

相關(guān)重要報(bào)紙文章 前1條

1 農(nóng)業(yè)銀行董事會辦公室公司治理規(guī)劃處 周亮;[N];中國城鄉(xiāng)金融報(bào);2009年

本文編號：2187617