公司信息披露对投资者保护的有效性——对中国上市公司2001-2013年年报披露的实证分析  

The Efficacy of Corporate Information Disclosure on Investor Protection:An Empirical Analysis of 2001-2013 Annual Report Disclosure of Chinese Listed Companies

作　　者：张程睿[1] 

机构地区：[1]华南师范大学经济与管理学院

出　　处：《经济评论》2016年第1期132-146,共15页Economic Review

基　　金：国家自然科学基金项目"中国上市公司真实活动盈余管理行为研究"(项目编号:71172198);教育部人文社科基金项目"我国上市公司信息披露机制的投资者保护效能及其改进研究"(项目编号:09YJCZH048);中国博士后科学基金项目"国有垄断企业高管薪酬契约的有效性及其优化研究"(项目编号:2014M560665)的资助

摘　　要：本文将公司披露整体水平与披露要素纳入信息披露机制的同一框架,考察其对信息泄露及股价操纵的作用,实证分析中国上市公司2001-2013年的信息披露实践及其对投资者保护的有效性。研究发现,上市公司信息披露整体质量逐年改善,但盈余管理程度仍然严重,年报披露的滞后现象未得到实质改善;公司披露质量分别与信息泄露程度、超额收益波动率负相关,它对投资者保护的效用至少存在截面差异,且在向下盈余管理的公司中尤为显著;信息披露质量差的公司超额换手率也高,"跟风"特征明显;披露要素的效用各有不同,可靠性对抑制股价被操纵的作用更显著,及时性在抑制"跟风"上更有效。促进我国上市公司提高信息披露质量可以改善对投资者的保护效用。This paper incorporates disclosure overall level and its components into one mechanism framework,empirically analyzes the disclosure practices of Chinese listed companies from 2001 to2013 and their investor protection efficacy through investigating their restraints on information leakage and price manipulation. The results show, though disclosure overall quality has improvement year over year,serious earning management and annual report disclosure delay are not fundamentally improved; The disclosure quality has significantly negative correlation with information leakage level and stock abnormal return volatility respectively,especially for downward earning management companies; The serious ＂following- the- wind ＂ feature leads to higher abnormal turnover rate for worse disclosure quality companies; Disclosure elements have different effects on investor protection. Reliability performs better on stock price manipulation restraint whereas timeliness is more effective on ＂following- the- window ＂ suppression. Therefore,promotion to improve the disclosure quality can improve investor protection in China.

关 键 词：信息披露机制 投资者保护 信息不对称 信息泄露 

分 类 号：F832.51[经济管理—金融学]