上市公司信息披露质量对市场操纵的影响研究  

Research on the Influence of Information Disclosure Quality of Listed Companies on Stock Market Manipulation

作　　者：李志辉 李向楠 季山 Li Zhihui;Li Xiangnan;Ji Shan

机构地区：[1]西南财经大学中国金融研究院 [2]浙江大学资本市场研究中心

出　　处：《财经科学》2025年第2期33-46,共14页Finance & Economics

基　　金：国家自然科学基金面上项目“中国股票市场交易型操纵监测、影响与防范研究——基于分时高频数据云计算的实现”(71973070)的资助。

摘　　要：信息披露质量作为公司治理水平的体现,是公司治理水平评价体系中的重要部分。违规的信息披露和市场操纵行为会破坏资本市场秩序、降低资源配置效率,均为我国监管部门重点打击的对象。本文基于我国A股市场的交易数据和泊松回归等方法,研究信息披露质量水平对市场操纵行为的影响。研究发现:第一,上市公司信息披露质量的提高,有助于抑制市场操纵行为。第二,信息披露质量的提升可以通过提高信息透明度和改善股票流动性两种途径降低股票被操纵的概率。第三,相较于强制性信息披露,自愿性信息披露水平对市场操纵行为的抑制作用更为显著。第四,股票的流动性在信息披露质量抑制市场操纵行为中还发挥了调节作用,即提高信息披露质量对抑制市场操纵的效果在流动性低的股票中更加显著。As the embodiment of corporate governance,the quality of information disclosure is an important part of the corporate governance level evaluation system.The regulators gradually attach importance to the evaluation and management of information disclosure of listed companies.Illegal information disclosure and market manipulation will disrupt the order of the capital market and reduce the efficiency of resource allocation,which the focus of regulators to crack down on.Based on the trading data of Chinese stock market and Poisson regression model,this paper studies the influence of information disclosure quality on market manipulation.The findings are as follows:Firstly,the improvement of the quality of information disclosure of listed companies can help restrain market manipulation.Secondly,through the analysis of the mechanism,the quality of information disclosure can reduce the probability of stock manipulation by improving the transparency of information and improving the liquidity of stocks.Thirdly,compared with mandatory information disclosure,the level of voluntary information disclosure has a more significant inhibitory effect on market manipulation.Finally,the liquidity of stocks also plays a moderating role in the inhibition of market manipulation by the quality of information disclosure,that is,the effect of improving the quality of information disclosure on the inhibition of market manipulation is more significant for stocks with low liquidity.

关 键 词：信息披露质量 股票市场操纵 信息透明度 股票流动性 

分 类 号：F832.5[经济管理—金融学]