文章以深市上市公司2003-2012年的數(shù)據(jù)為樣本,從行業(yè)和公司兩個(gè)層面實(shí)證檢驗(yàn)上市公司信息披露質(zhì)量對(duì)資本配置效率的影響。研究發(fā)現(xiàn):信息披露質(zhì)量的提高可顯著增加行業(yè)和公司的資本投入增長(zhǎng)率對(duì)其資本產(chǎn)出增長(zhǎng)率的靈敏程度,使資本更快地實(shí)現(xiàn)由低效率領(lǐng)域向高效率領(lǐng)域的轉(zhuǎn)移,從而提高資本的配置效率。
[Abstract]:The article takes the data of listed companies from 2003 to 2012 as a sample. This paper empirically tests the effect of the quality of information disclosure on the efficiency of capital allocation in listed companies from the two aspects of industry and company. The improvement of the quality of information disclosure can significantly increase the sensitivity of the growth rate of capital input to the growth rate of capital output of industries and companies. The transfer of capital from low efficiency to high efficiency can be realized more quickly, so as to improve the efficiency of capital allocation.
【作者單位】： 海航集團(tuán);對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)國(guó)際經(jīng)濟(jì)貿(mào)易學(xué)院;
【基金】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)研究生科研創(chuàng)新項(xiàng)目“融資租賃與環(huán)保設(shè)備、節(jié)能減排的投融資”(A201004019)
【分類號(hào)】：F224;F275;F276.6
【正文快照】： 著名經(jīng)濟(jì)學(xué)家路德維希·馮·米瑟斯早在1922年就提出,能否獲得有關(guān)資本的相對(duì)稀缺信息是資本配置效率的關(guān)鍵。哈耶克也認(rèn)為信息對(duì)資本配置效率具有決定性的作用。信息質(zhì)量如何影響資本的配置效率呢?投資者和公司間的信息不對(duì)稱普遍存在,從而容易引發(fā)公司權(quán)益融資中的逆向選擇

本文編號(hào)：1434542