信息披露质量对公司业绩的影响研究--兼论独立董事的治理效应  

Research on the influence of information disclosure quality on corporate performance:the governance effect of independent director

作　　者：扈文秀[1] 杜金柱[1] 章伟果[1] HU Wenxiu;DU Jinzhu;ZHANG Weiguo(School of Economics and Management,Xi’an University of Technology,Xi’an 710054,China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054

出　　处：《西安理工大学学报》2020年第3期383-391,共9页Journal of Xi'an University of Technology

基　　金：国家自然科学基金资助项目(71603203,71971169)。

摘　　要：本文以2010—2015年我国沪深两市A股非金融类上市公司为研究样本,使用应计盈余管理调整公司业绩,通过建立多元回归分析模型重新审视信息披露质量与公司业绩的关系,并进一步分析独立董事治理对信息披露质量和公司业绩关系的调节作用。研究结果表明:存在一个最优信息披露点,使信息披露质量与公司业绩之间呈倒U型关系,同时独立董事治理作用的有效发挥能够显著影响信息披露质量与公司业绩之间的关系,并降低最优信息披露点。Taking the listed companies in China s A-shares from 2010 to 2015 as the research object,this paper uses the accrual earnings management to adjust corporate performance,and adopts the model for multiple regression analysis to reexamine the relationship between the quality of information disclosure and corporate performance.In addition,the article further analyzes the moderating effect of independent director governance on the relationship between the quality of information disclosure and corporate performance.The research results show that there is an optimal information disclosure point,leading to the fact that the information disclosure and the company's performance have an inverted U-shaped relationship.At the same time,the effective role of independent directors governance can significantly affect the relationship between the quality of information disclosure and the company's performance,reducing the optimal information disclosure point.

关 键 词：信息披露质量 公司业绩 最优披露点 独立董事 

分 类 号：F270[经济管理—企业管理]