试析上市公司信息强制披露与自愿披露的相对重要性——基于后股权分置时代上市公司年报披露的实证研究  

Analysis on Relative Importance of Compulsory Disclosure and Voluntary Disclosure of Listed Companies:Based on Empirical Study on Annual Report Disclosure of Listed Companies in Post-era of Share Rights Splitting

作　　者：党红[1] 

机构地区：[1]浙江大学管理学院,杭州310058

出　　处：《技术经济》2008年第7期91-98,共8页Journal of Technology Economics

摘　　要：本文在对上市公司年报进行直接打分的基础上,运用方差分析和回归分析的方法,关注股改前后我国上市公司信息披露水平的变化及其对公司价值的影响。研究结果表明:股改后上市公司的信息披露水平确实有所提高,但并非由股改本身所致;股改并未使绩优上市公司迸发出通过提高自愿信息披露水平而向市场传递信号的冲动;在现阶段,上市公司年报强制披露水平的提高对上市公司价值的影响明显大于自愿披露水平提高所产生的影响。Based on scoring annual reports of listed companies and variance analysis and regression analysis, this paper analyzes the change in the disclosure level of listed companies before and after the reform of share rights splitting and its effect on corporate value of listed companies. Results show that, the compulsory disclosure level of listed companies is improved after the reform of share rights splitting, which is the result of the implementation of new edition of CSRC disclosure rules which leads to the improvement of the voluntary disclosure level. After the reform of share rights splitting,listed companies with better performance are not motivated to signal through increasing the voluntary disclosure level. At present,the improvement of compulsory disclosure level has more effect on corporate value than that of the voluntary disclosure level.

关 键 词：强制披露 自愿披露 公司价值 上市公司 后股权分置时代 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]