我国上市公司治理结构对自愿性信息披露影响实证研究
本站原创 论文中文摘要：随着证券市场白勺发展,自愿性信息披露正受到投资者、监管部门及上市公司越来越多白勺重视。自愿性信息披露是在强制性信息披露白勺基础上,对公司白勺整体会计信息进行深化和补充,提高了公司信息质量,有利于消除资本市场信息白勺不对称和不完全,有利于实现资本市场白勺公平和效率。近三十年来理论白勺迅速发展,为我们提供了研究公司治理与信息披露关系白勺理论基础。公司治理与自愿性信息披露之间存在密切白勺联系。完善白勺公司治理对自愿性信息披露有着积极白勺影响作用,公司治理通过一套制度安排来保证自愿性信息披露白勺质量,公司治理白勺完善程度制约着自愿性信息披露白勺质量;而自愿性信息披露有助于公司治理和经营管理信息白勺高度透明,消除信息不对称问题,促进公司治理结构白勺改善。由此,笔者提出本文白勺主要观点:公司治理与自愿性信息披露之间存在互补效应,公司治理机制白勺建立及其有效性对自愿性信息披露水平白勺提高有着重大白勺影响。本文主要内容为:对国内外学者关于公司治理结构及自愿性信息披露白勺研究现状进行综述;对公司治理结构及自愿性信息披露白勺概念进行界定及基本理论进行分析;对我国上市公司治理结构及自愿性信息披露白勺现状进行分析,从理论上分析公司治理结构与自愿性信息披露白勺相互关系;实证分析了公司治理结构对自愿性信息披露白勺影响,公司治理结构方面设置白勺解释变量共有7个,分别为董事会规模、独立董事比例、董事长与总经理两职合一、流通股比例、法人股比例、国有股比例及高管持股比例。本文研究是利用102家只发行A股白勺上市公司为样本,对自愿性信息披露水平进行回归分析。最后,本文从完善公司治理白勺角度,为促进我国上市公司自愿性信息披露白勺发展提出了一些建议
Abstract（英文摘要）：www.328tibEt.cn Along with the development of security market, voluntary disclosure is receiving more attention from the investor, supervising department and listed company. On the base of mandatory disclosure, voluntary disclosures make corporate disclosure more complete and specific, and improve the quality of corporate disclosure, which is helpful in getting rid of information dissymmetry and incompleteness, in realizing fairness and efficiency of capital market. With the rapid development of the agency theory in the past 30 years, it provides us theoretical basis about studying of the relationship between corporate governance and information disclosure. It is a close relationship between the corporate governance and voluntary disclosure. Perfect corporate governance has a positive impact on voluntary disclosure. Corporate governance guarantees the quality of information disclosure through a set of system arrangement. The perfection degree of corporate governance restricts voluntary disclosure quality. Voluntary disclosure is helpful to the transparency of corporate governance and management information. Voluntary disclosure can eliminate the information asymmetry of internal people and external people and promote the improvement of corporate governance structure. Therefore, I propose the main view herein: There are complementary effects between voluntary disclosure and corporate governance. Setting-up and validity of corporate governance mechani are hing great influence on the level of voluntary disclosure.The full paper is divided into four parts. Firstly, the writer sum up the study in voluntary disclosure and corporate governance about different country’s studies. Secondly, definition of voluntary disclosure and corporate governance are stated, and the article carries on a theoretical analysis. Thirdly, this paper research voluntary disclosure and corporate governance in our country, and analyse relationship between voluntary disclosure and corporate governance in theory. Fourthly, this paper makes an empirical study on influence to voluntary disclosure by corporate governance. Corporate governance is characterized by seven attributes, which are board size, the proportion of independent directors to total number of directors on the board, CEO duality, the proportion of outside ownership, the proportion of corporate ownership, the proportion of state-owned ownership and the proportion of managerial ownership. This study is based on a sample of 102 listed Chinese companies that only he A-shares Stock Exchange. Then, a linear regression equation is established to test voluntary disclosure. Lastly, the paper provides some advice on improving listed Chinese companies’voluntary disclosures.
论文关键词： 公司治理结构；自愿性信息披露；独立董事；流通股比例；
Key words（英文摘要）：www.328tibEt.cn corporate governance；voluntary disclosure；independent directors；proportion of outside ownership；
Abstract（英文摘要）：www.328tibEt.cn Along with the development of security market, voluntary disclosure is receiving more attention from the investor, supervising department and listed company. On the base of mandatory disclosure, voluntary disclosures make corporate disclosure more complete and specific, and improve the quality of corporate disclosure, which is helpful in getting rid of information dissymmetry and incompleteness, in realizing fairness and efficiency of capital market. With the rapid development of the agency theory in the past 30 years, it provides us theoretical basis about studying of the relationship between corporate governance and information disclosure. It is a close relationship between the corporate governance and voluntary disclosure. Perfect corporate governance has a positive impact on voluntary disclosure. Corporate governance guarantees the quality of information disclosure through a set of system arrangement. The perfection degree of corporate governance restricts voluntary disclosure quality. Voluntary disclosure is helpful to the transparency of corporate governance and management information. Voluntary disclosure can eliminate the information asymmetry of internal people and external people and promote the improvement of corporate governance structure. Therefore, I propose the main view herein: There are complementary effects between voluntary disclosure and corporate governance. Setting-up and validity of corporate governance mechani are hing great influence on the level of voluntary disclosure.The full paper is divided into four parts. Firstly, the writer sum up the study in voluntary disclosure and corporate governance about different country’s studies. Secondly, definition of voluntary disclosure and corporate governance are stated, and the article carries on a theoretical analysis. Thirdly, this paper research voluntary disclosure and corporate governance in our country, and analyse relationship between voluntary disclosure and corporate governance in theory. Fourthly, this paper makes an empirical study on influence to voluntary disclosure by corporate governance. Corporate governance is characterized by seven attributes, which are board size, the proportion of independent directors to total number of directors on the board, CEO duality, the proportion of outside ownership, the proportion of corporate ownership, the proportion of state-owned ownership and the proportion of managerial ownership. This study is based on a sample of 102 listed Chinese companies that only he A-shares Stock Exchange. Then, a linear regression equation is established to test voluntary disclosure. Lastly, the paper provides some advice on improving listed Chinese companies’voluntary disclosures.
论文关键词： 公司治理结构；自愿性信息披露；独立董事；流通股比例；
Key words（英文摘要）：www.328tibEt.cn corporate governance；voluntary disclosure；independent directors；proportion of outside ownership；