基于产权视角的经理管理防御与信息披露质量研究  

Research on Managerial Management Defense and Information Disclosure Quality Based on Property Right Perspective

作　　者：柳雅君[1] 李端生[1] 邓洁 LIU Ya-jun;LI-Duan-sheng;-DENG Jie(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China;Logistics University of P.A.P.,Tianjin 300309,China)

机构地区：[1]山西财经大学会计学院,山西太原030006 [2]武警后勤学院,天津300309

出　　处：《经济问题》2018年第11期115-122,共8页On Economic Problems

基　　金：山西省"1331工程"重点创新团队建设计划资助(晋教科[2017]12号);山西省研究生教育创新项目(2017BY094)

摘　　要：信息和激励问题一直是困扰资本市场的两大难题。以我国深交所A股上市公司为样本,考察了不同产权性质下经理管理防御对上市公司信息披露质量的影响,并进一步分析了产品竞争市场对它们之间关系的调节作用。研究发现,在国有企业中,经理管理防御显著降低了企业信息披露质量;而在民营企业中,经理管理防御会显著提高信息披露质量。深入研究发现,在国有企业中,产品市场竞争对经理管理防御与信息披露质量之间的关系不具有调节效应;而在民营企业中,产品市场竞争显著增强了经理管理防御与企业信息披露质量之间的正相关关系。因此,应该从我国特殊的政治制度背景出发,有区别、分行业对上市公司信息披露情况进行考核,以降低交易成本,缓解上市公司信息不对称行为,提高信息披露质量。Information and incentive issues have always been two major problems that have plagued the capital market. This article takes a sample of A-share listed companies of China＇s Shenzhen Stock Exchange,examines the impact of managerial defense on the quality of information disclosure in different property rights,and further analyzed the regulatory role of the product competition market for their relationship. The study finds that in state-owned enterprises,managers＇ defense management will significantly reduce the disclosure quality of listed companies,in private enterprises,managerial defense will significantly improve the quality of information disclosure. Further research found that in the state-owned enterprises,product market competition does not have a significant regulatory effect on managerial defense and quality of information disclosure,In private enterprises,product market competition can significantly enhance the positive correlation between managerial defense management and information disclosure quality of listed companies. Therefore,from the background of China＇s special political system,we should differentiate and divide the industry to examine the disclosure of information of listed companies in order to reduce transaction costs,ease information asymmetry,improve the quality of disclosure of listed companies in China,and maximize the interests of shareholders.

关 键 词：产权性质 经理管理防御 信息披露质量 市场竞争程度 

分 类 号：F832.5[经济管理—金融学]