上市公司自愿性信息披露行为有效吗?——基于1998—2003年中国证券市场的检验被引量：86

Is the Chinese Corporate Voluntary Disclosure Efficient?

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摘要本文运用经济主体行为最优化与信息经济学方法。对新兴市场中上市公司自愿性信息披露行为动因及其披露机制进行分析，研究信息占优的上市公司经理层如何选择自愿性信息披露行为。在不完全信息条件下论证上市公司分别采取信息公开、分离策略或信息掩饰策略，进行完全性信息披露、部分性信息披露、信息非披露，从而实现公司价值的均衡过程。为验证自愿性信息披露行为的有效性程度，论文构建了中国上市公司自愿性信息披露指数(VDI)，并对1998-2003年上市公司自愿性信息披露行为有效性进行实证研究。检验结果表明：(1)中国上市公司的VDI逐年提高；(2)规模大、效益好的上市公司，更倾向于实施自愿性信息披露；(3)公司治理指标对VDI的解释效果并不显著；(4)具有外资股的上市公司自愿性信息披露动机明显较强。 Based on the methods of optimization of economic agent behaviors and the methods of information economics , this paper discusses the motives and mechanism of China's corporate voluntary disclosure behaviors and analyzes how the information-dominant executives select the voluntary disclosure behaviors. In the imperfect information market, the corporate may adopt the full disclosure, partial disclosure and nondisclosure respectively with strategies of disclosing information, separating information and hiding information to realize the corporate value equilibrium. In order to verify the efficiency of voluntary disclosure, we construct the voluntary disclosure index (VDI) and make an empirical study on China's corporate voluntary disclosure during 1998—2003.The results show as follows: (1) There is a yearly increasing trend on the VDI from 1998 to 2003. (2) The corporate with big scale and excellent performance tends to disclose more voluntary information. (3) The indices denoting the corporate governance situation can not explain the VDI effectively. (4) The corporate with foreign investors has higher VDI.

作者张宗新张晓荣廖士光

机构地区复旦大学金融研究院东北证券研究所上海交通大学管理学院

出处《经济学（季刊）》 2005年第2期369-386,共18页 China Economic Quarterly

基金国家社会科学基金(03BJY052) 国家自然科学基金(70303006)的研究成果

关键词自愿性信息披露上市公司中国证券市场新兴市场经济主体行为经理层外资股部分性检验结果完全性

分类号 F233 [经济管理—会计学]

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