企业自愿性信息披露的决策机理差异性——基于不同时代与市场结构的比较研究  

Research on Firm Decision Mechanism Difference of Voluntary Information Disclosure——Based on Both the Different Time and Market Structure

作　　者：肖曙光[1] 罗美[2] 张延平[3] XIAO Shu-guang;LUO Mei;ZHANG Yan-ping(College of Economics, Guangdong University of Finance & Economics, Guangzhou,Guangdong, 510320, China;College of Economics and Finance, Huaqiao University, Quanzhou,Fujian, 362021, China;School of Business, Guangzhou University, Guangzhou,Guangdong, 510006, China)

机构地区：[1]广东财经大学经济学院,广东广州510320 [2]华侨大学经济与金融学院,福建泉州362021 [3]广州大学工商管理学院,广东广州510006

出　　处：《经济管理》2017年第6期86-100,共15页Business and Management Journal ( BMJ )

摘　　要：信息经济时代,对于身处不同市场结构和市场地位的众多企业来说,其自愿性信息披露决策与传统时代是否相同,以及怎样才是科学有利决策已成为一个亟待解决的理论与现实问题。在企业自愿性信息披露研究领域,尽管国内外学者进行了众多研究,但多以实证研究为主,鲜少从企业决策机理上进行深入阐释,更不曾从时代背景差异下系统探究不同市场结构中的企业自愿性信息披露决策机理问题。本文首次从"实有与或有"角度定义与界定了企业自愿性信息披露成本与收益,并在此基础上进一步融合企业要素结构,构建了企业自愿性信息披露成本收益函数及其决策分析框架;然后,创新性地基于时代背景与市场结构两个维度,运用所构建的框架深入研究了企业自愿性信息披露决策机理的差异性问题,得出了某些与传统观念迥异的研究结论,并依此提出了一些政策建议。本文研究发现,信息经济时代和传统经济时代的自愿性信息披露决策带有相反性,并且处于不同市场结构和市场地位的企业自愿性信息披露也不尽相同。概括来说,企业自愿性信息披露数量在传统经济时代存在最大临界值,超过该临界值,信息披露越多越不利;而信息经济时代存在最小临界值,超过该临界值,越多披露自愿性信息对企业越有利。在当今信息经济时代,寡头垄断市场、垄断竞争市场以及完全竞争市场结构下的企业多披露自愿性信息是有利决策,处于接近完全垄断市场中的企业则选择少披露自愿性信息策略更为有利。In the era of information economy,for many firms in different market structure and market position,whether the voluntary disclosure decision is the same as in the traditional time,and what is science favorable deci-sion has become a theoretical and practical problem to be solved urgently.In the field of voluntary information dis-closure,although domestic and foreign scholars have done many researches,but most of those focused on the em-pirical research,rarely in-depth explanation from the enterprise decision-making mechanism,not even once from the background difference exploring the mechanism of voluntary information disclosure in different market struc-tures.This article is the first time to define the cost and benefit of companies voluntary information disclosure from the perspective of“real and might”?On this basis,this paper further integrates enterprise,s elements structure and constructs the cost-benefit function of enterprise voluntary information disclosure and the decision-making analysis framework.Creatively,the paper based on the background of the times and the differences of the market structure uses the above analysis of the framework of the system to explore the issue of voluntary information disclosure deci-sion-making mechanism in the field,got some conclusions different from the traditional ideas and put forward some policy recommendations.Most of the domestic and foreign literature is along the relationship of the voluntary infor-mation disclosure level and the degree of competition in the market to carry out research.In this paper,the re-search ideas and logic are obviously different from the existing literature.This paper is based on the two dimensions of the organic integration era and the market competition degree to study the difference between the depth of the vol-untary information disclosure and the breadth of the market.In the product market competition dimension based on the degree of competition in the product market,the market is divided into a fully competitive market,monopolist

关 键 词：时代背景 市场结构 自愿性信息披露 企业决策差异性 

分 类 号：F27[经济管理—企业管理]