公司治理影响信息披露了吗?——对中英资本市场的实证比较研究  

Does Corporate Governance Affect Disclosure? An Empirical Evidences from Chinese and UK Listed Companies

作　　者：谭兴民[1,2] 宋增基[1,2] 蒲勇健[1,2] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030 [2]中国建设银行资产保全部,北京100800

出　　处：《金融研究》2009年第8期171-181,共11页Journal of Financial Research

基　　金：国家杰出青年基金项目"企业理论"(项目编号:70525005)的阶段性成果之一

摘　　要：公司治理结构对会计信息披露的要求、内容和质量会产生直接影响。实证研究表明,英国公司公司治理机制对会计信息披露质量的提高起着显著的作用。中国公司内部控制机制对会计信息披露质量的影响较小。仅发现两职分离的领导权结构以及分散的股权结构能够提高会计信息披露质量。没有发现董事会、债权人以及经理人激励合约等治理机制对会计信息披露质量的影响。在产品市场的强烈竞争对公司治理控制机制形成约束之后的统计结果显示,对于内部治理结构比较完善的英国公司,产品市场的强烈竞争并不降低内部治理机制对会计信息披露质量的提高。相反,对于内部治理结构不完善的中国公司,产品市场的强烈竞争会进一步降低内部控制机制对会计信息披露质量的提高。Disclosure is the main element of corporate governance. Using the samples from Chinese and UK Stock Exchange, the paper empirically examines the relations between corporate governance and disclosure. The evidence suggests that corporate governance in UK firms is significantly positive with disclosure, but as to Chinese firms, only the leadership structure and ownership structure has significant relation with the disclosure. In the strong competition product market on corporate governance control mechanism formed after the binding statistics show that the internal governance structure of a better system of the UK company, product market competition does not diminish the strong internal control mechanisms of accounting improve the quality of disclosure. On the contrary, the internal governance structure of imperfect Chinese companies, the strong product market competition will further reduce internal control mechanisms on the disclosure of accounting information quality improvement.

关 键 词：公司治理 产品市场竞争 信息披露 

分 类 号：F276.6[经济管理—企业管理] F832.51[经济管理—国民经济] F224