信息披露质量与现金持有——来自深市A股上市公司的经验证据  

The Quality of Information Disclosure and Cash Holdings——A Research Based on Shenzhen A-share Listed Companies

作　　者：袁卫秋[1] 邹苏苏[1] 

机构地区：[1]南京财经大学会计学院,江苏南京210043

出　　处：《南京财经大学学报》2013年第3期74-83,共10页Journal of Nanjing University of Finance and Economics

基　　金：国家自然科学基金项目(70972141);国家自然科学基金项目(71271139)的资助;江苏高校优势学科建设工程资助项目(PAPD)资助

摘　　要：本文以2006—2010年深市非金融类A股上市公司为研究对象,利用深交所公布的上市公司信息披露考评结果作为信息披露质量的衡量方法,考察了信息披露质量对现金持有量的影响。研究发现,上市公司的信息披露质量与现金持有量显著负相关,即在其他条件不变的情况下,信息披露质量越高,企业持有的现金越少。这就从一个新的角度说明了提高信息披露质量确实能够减轻企业面临的信息不对称问题,从而能够缓和企业面临的融资约束问题以及股东与管理者之间的委托代理问题。此外,研究还发现,行业竞争水平以及股权性质均对上市公司信息披露质量与现金持有量之间的关系具有显著的影响。Based on the data about Shenzhen A-share listed companies in non-financial industry over period 2006-2010, this paper investigates the relationship between the quality of information disclosure and cash holdings. The study finds that the informa-tion disclosure quality of listed companies is significantly negatively correlated with cash holdings, that is, in the case of other condi- tions remain unchanged, the higher the quality of information disclosure, the less cash held by an enterprise. Improvement of the quality of information disclosure can really mitigate the information asymmetry problem faced by enterprises, thereby easing financing constraints faced by the enterprise as well as the principal-agent problem between the shareholders and managers from a new angle.

关 键 词：信息披露质量 信息不对称 现金持有 

分 类 号：F231.5[经济管理—会计学]