我国上市公司自愿披露水平影响股票流动性的实证分析  

An Empirical Analysis of the Influence of Voluntary Disclosure Extent on Stock Liquidity of Listed Companies in China

作　　者：乔旭东[1] 陈亮[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《预测》2007年第4期22-28,共7页Forecasting

基　　金：国家自然科学基金资助项目(70402010)

摘　　要：本文以2004年中国A股市场上市公司年度报告作为研究基础,运用两阶段最小二乘法和事件分析法从静态和动态两个层次分析了年度报告自愿披露水平对上市公司股票流动性的影响。发现自愿披露水平对股票流动性存在显著的正向影响,且自愿披露水平正向变动具有流动性信息含量。By means of two stage least square method and event analysis, this paper analyzes the influence of voluntary disclosure extent on the stock liquidity from the static and dynamic aspect, based on the annual reports of listed companies of year 2004 in China, It finds that voluntary disclosure extent has a positive influence on the stock liquidity and the incremental voluntary disclosure extent has information content of liquidity.

关 键 词：年度报告 自愿披露水平 流动性 

分 类 号：F234.4[经济管理—会计学]