本文關(guān)鍵詞： 自愿性信息披露 代理成本 董事長個人特征　出處：《上海師范大學》2014年碩士論文　論文類型：學位論文

【摘要】：隨著我國市場經(jīng)濟與資本市場的不斷發(fā)展,社會各界對上市公司的信息披露提出了更高的要求,上市公司僅僅進行強制性信息披露已不能滿足投資者多樣化的信息需求,不斷有新的需求來促進上市公司披露更多的自愿性信息。通過自愿性信息的披露,上市公司不但能夠提高企業(yè)信息披露的質(zhì)量,減少信息不對稱；并且還能改善與投資者之間的關(guān)系,提高公司的形象與聲譽,進而增加公司的價值,降低公司的訴訟成本以及提高公司的核心競爭力。目前,我國對上市公司自愿性信息披露程度的相關(guān)研究還是遠遠不夠的,基于此,本文從理論和實證兩方面對我國上市公司自愿性信息披露程度狀況,以及影響自愿性信息披露程度的因素進行了系統(tǒng)的分析,旨在為完善我國上市公司自愿性信息披露機制提供一點借鑒。 本文首先參考Meek (1995)提出的自愿性信息披露指數(shù)的框架,結(jié)合我國上市公司年報的基本情況和有關(guān)學者的研究自行構(gòu)建了我國上市公司自愿性信息披露指數(shù)并對我國自愿性信息披露程度的現(xiàn)狀進行了描述性統(tǒng)計分析,然后以自行構(gòu)建的自愿性信息披露程度指數(shù)作為被解釋變量,分別從公司特征、公司治理、外部監(jiān)管與管理者特征四個方面選取10個解釋變量,并以公司規(guī)模、財務杠桿與企業(yè)是否是國有企業(yè)為控制變量,建立多元線性回歸模型對影響我國上市公司自愿性信息披露程度的因素進行了實證研究。 本文通過選取2012年度208家深圳交易所主板A股制造業(yè)上市公司為研究樣本,基于自行構(gòu)建的自愿性信息披露指數(shù)對我國自愿性信息披露程度的現(xiàn)狀進行了描述性統(tǒng)計分析后發(fā)現(xiàn),我國上市企業(yè)的自愿性信息披露還是表現(xiàn)出披露水平不佳,披露意愿不強的特點。在具體披露內(nèi)容上,管理層有很明顯的選擇性偏好,側(cè)重于戰(zhàn)略性信息和反映歷史信息的財務分析信息的披露,而對于與投資者決策更相關(guān)的預測性信息及證監(jiān)會更加鼓勵披露的社會責任信息的披露較為保守�；谛盘杺鬟f理論、代理成本理論和高層梯隊理論研究了我國上市公司自愿性信息披露程度的影響因素,基于上述研究樣本,經(jīng)研究發(fā)現(xiàn),公司的自愿性信息披露程度與管理者與所有者之間的代理成本、股權(quán)集中度顯著負相關(guān),與董事長年齡顯著正相關(guān)；公司的自愿性信息披露程度與盈利能力、獨立董事比例、是否為國際四大會計師事務所審計正相關(guān),但不是很顯著；自愿性信息披露程度與公司所處行業(yè)的競爭激烈程度、公司董事長與總經(jīng)理是否由同一人擔任、公司是否同時在境內(nèi)外上市非顯著負相關(guān)；相對于男性董事長,女性董事長的自愿性信息披露程度更高。本文的研究結(jié)果豐富了相關(guān)文獻,特別是為從管理者特征和代理成本方面解釋我國上市企業(yè)的自愿性信息披露程度狀況提供了經(jīng)驗證據(jù)。
[Abstract]:With the continuous development of market economy and capital market in our country, all walks of life have put forward higher requirements to the information disclosure of listed companies. Only mandatory disclosure of information by listed companies can not meet the diversified information needs of investors. There are new needs to promote the disclosure of more voluntary information by voluntary information disclosure. Listed companies can not only improve the quality of information disclosure, reduce information asymmetry; And it can also improve the relationship with investors, improve the image and reputation of the company, and then increase the value of the company, reduce the costs of litigation and improve the core competitiveness of the company. The related research on voluntary information disclosure of listed companies in our country is still far from enough. Based on this, this paper analyzes the degree of voluntary information disclosure of listed companies in China from both theoretical and empirical aspects. And the factors that influence the degree of voluntary information disclosure are systematically analyzed in order to provide some reference for perfecting the mechanism of voluntary information disclosure of listed companies in China. This paper first refers to the framework of voluntary disclosure index proposed by Meek / 1995. Combined with the basic situation of the annual report of listed companies in China and the research of relevant scholars, the voluntary information disclosure index of listed companies in our country is constructed and the current situation of voluntary information disclosure in China is analyzed by descriptive statistics. Then the self-constructed voluntary disclosure degree index is taken as the explained variable, and 10 explanatory variables are selected from four aspects: corporate characteristics, corporate governance, external supervision and management characteristics. Based on the variables of company size, financial leverage and whether the enterprise is a state-owned enterprise, a multivariate linear regression model is established to study the factors that affect the degree of voluntary disclosure of information of listed companies in China. This paper selects 208 A-share manufacturing companies listed on the main Board of Shenzhen Stock Exchange in 2012 as the research sample. Based on the self-constructed voluntary disclosure index, this paper makes a descriptive statistical analysis of the current situation of voluntary information disclosure in China. The voluntary information disclosure of listed enterprises in China still shows the characteristics of poor disclosure level and weak willingness to disclose. In the specific disclosure content, the management has a very obvious preference for selectivity. Emphasis is placed on the disclosure of strategic information and financial analysis information reflecting historical information. On the other hand, the predictive information which is more relevant to the investor decision and the CSR information which the CSRC encourages to disclose are more conservative and based on the theory of signal transmission. Agency cost theory and high-level echelon theory have studied the influencing factors of voluntary information disclosure of listed companies in China. Based on the above research samples, the study found. The degree of voluntary information disclosure is negatively correlated with agency cost between manager and owner, ownership concentration, and the age of chairman. The degree of voluntary disclosure of information is positively related to the profitability and the proportion of independent directors, but is not significant for the audit of the four major international accounting firms; The degree of voluntary information disclosure is closely related to the fierce competition in the industry, whether the chairman of the company and the general manager are the same person, and whether the company is listed at home and abroad at the same time is not significantly negative correlation; Compared with the male chairman, the female chairman has a higher degree of voluntary disclosure. The results of this study enrich the relevant literature. In particular, it provides empirical evidence for explaining the voluntary disclosure degree of listed enterprises in China from the aspects of managerial characteristics and agency costs.
【學位授予單位】：上海師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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本文編號：1486552