我国上市公司财务信息偏误的实证研究  

Study on the Misdisclosure of Accounting Information of Listed Company in China

作　　者：王诗才[1] 桂宁[1] 

机构地区：[1]华中科技大学管理学院,武汉430074

出　　处：《管理学家（学术版）》2009年第5期13-21,共9页

基　　金：国家社会科学基金项目<面向转型经济的我国商业信用理论和企业投资研究>(编号:08BJL028)

摘　　要：财务信息偏误是信息披露规则的执行者对规则的违背及对投资者与社会公众的失信行为。上市公司失信行为分为违法性失信、规范性失信与技术性失信。在这其中,主要是引起社会公众投资者不满的违法性失信。本文从上市公司财务信息偏误失信行为对股东财富、股票系统性风险以及股票市场波动等三个方面进行了实证研究。结果表明,失信行为导致公司的系统性风险被显著性放大,证券市场的整体被动也随着失信行为的增多而加剧。The misdisclosure of accounting information refers to the act that the discloser gives wrong information to the public intentionally, and it's an act of dishonesty.The act of dishonesty of listed company can be categorized as illegal dishonesty, normative dishonesty, and technical dishonesty.Among these, the act of illegal dishonesty is the one which would cause widespread discontent of public shareholders.This paper examines the impact of misdisclosure of accounting information of listed company on shareholders' wealth, systematic risk of stock market, and volatility of stock market.And our study shows that the act of dishonesty of listed company would markedly increase the systematic risks and volatility of stock market.

关 键 词：财务信息 偏误 失信 系统性风险 

分 类 号：F715.5[经济管理—产业经济]