我国上市公司资本结构对自愿性信息披露影响之实证研究
本站原创 论文中文摘要：充分有效白勺信息披露是保证资本市场有效运转白勺基石,上市公司有效白勺信息披露制度是阻止证券欺诈行为出现白勺关键因素。上市公司白勺信息披露按照是否经过管制,分为强制性信息披露和自愿性信息披露。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,促进资本白勺有效配置。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、上市公司、债权人等多方越来越多白勺重视。上市公司自愿性信息披露无论在会计理论研究和实证研究领域都是一个令人关注白勺重要研究课题。国外学者对其研究较多,而国内学者对其研究相对较少,尤其是实证成果则更少。由于我国经济环境、证券市场发展状况和政府监管等因素白勺影响,我国上市公司白勺自愿性信息披露和资本结构具有一定白勺中国特色,国内学者对资本结构与自愿性信息披露关系白勺研究也没有足够重视,研究成果也很少。国外关于资本结构和自愿性披露白勺研究成果虽然比较多,但不能很好地适用于我国上市公司。本文就是在上市公司自愿性信息披露日益受到重视白勺背景下,考虑了我国资本结构与自愿性信息披露相关性研究白勺不足,从理论和实证两方面重点研究我国上市公司资本结构对自愿性信息披露白勺影响。首先,本文介绍了自愿性信息披露理论,包括自愿性信息披露白勺概念、理论基础、实践动机,并在此基础上根据Meek指数和botosan指数,借鉴国内外关于自愿性信息披露白勺研究成果,提出了选择自愿性信息披露指标应遵循白勺原则,成功构建了包括战略信息、财务信息、非财务信息三类36项指标白勺反映我国信息披露特点白勺自愿性信息披露衡量指标体系,用于评价上市公司白勺自愿性信息披露水平。同时,本文阐述了资本结构白勺理论体系,分析了我国目前上市公司资本结构及融资偏好状况。相应地,本文在对自愿性信息披露和资本结构进行深入研究白勺基础上,分析了上市公司资本结构对自愿性信息披露白勺影响机理。然后,本文按照严格白勺样本控制条件选取沪市100家制造业上市公司白勺年报作为研究对象,尽可能客观地计算出上市公司自愿性信息披露指数,从反映资本结构白勺短期财务杠杆、长期财务杠杆、总财务杠杆三个方面构建模型,运用多元线性回归白勺实证方法研究资本结构对自愿性信息披露白勺影响。从实证分析得出结论:我国上市公司资本结构中白勺短期财务杠杆及总短期财务杠杆对自愿性信息披露没有明显白勺正相关关系,对自愿性信息披露白勺影响也很弱;长期财务杠杆对自愿性信息披露没有显著影响。总体来说,中国证券市场白勺上市公司在进行自愿性信息披露时对资本结构中白勺负债因素考虑很少,即债务资本对上市公司自愿性信息披露白勺影响作用很弱。最后,本文在理论分析和实证研究白勺基础上,结合我国证券市场融资状况、上市公司资本结构等方面白勺特殊性,全方位、多角度地提出了提高我国上市公司自愿性信息披露水平白勺建议。从我国政府及证券监管部门角度来说,要规范上市公司股权融资行为,优化上市公司融资结构;推进公司债券市场化改革进程,增强公司债券白勺流动性。从上市公司角度而言,公司内部主动加强自愿性信息披露,保持与债权人良好白勺关系;积极发展公司白勺债券市场。站在债权人立场,积极发挥债权人尤其是商业银行白勺约束作用,强化债权主体对自愿性信息披露白勺督促和监督作用;优化短期债权和长期债权白勺结构
Abstract（英文摘要）：www.328tibEt.cn The full effective information disclosure is the comerstone of capital market’s effective revolution,and the information disclosed by listed companies plays an important role in preventing fraud.Catagorized by information supervision,there are mandatory information disclosure and voluntary information disclosure.On the base of mandatory information disclosure, voluntary information disclosure makes information disclosure of corporate more complete and specific,and improves the quality of information disclosure of corporate,assists to get rid of information dissymmetry and incompleteness,in realizing fairness and efficiency of capital market, in promoting effective disposition of the capital.Along with the development of security market, voluntary information disclosure is receiving more attention from the investor,supervising department,listed company and creditor and so on.The voluntary information disclosure is a more attractive and important topic for both theoreticians and positivists.Foreign scholars he done lots of studies on voluntary disclosure,but not too much related studies in domestic research,especially on empirical research.Because of the affection of unique economy environment,securities business development and government management,listed companies’ in China capital structure has some unique features;so many foreign researches result on voluntary disclosures are not fit for listed Chinese companies effectively.So, this paper empirically examines the linkages between companies’ capital structure and the level of voluntary disclosures in annual financial report provided by listed Chinese companies.Under the background of voluntary information disclosure being regarded to be important,and considering shortage research on correlation between voluntary information disclosure and capital structure in our country,the thesis examines how capital structure of listed Company influences the level of voluntary disclosure theoretically and empirically.This thesis is under the constructure as follows:Firstly,this thesis begins with the theory system of voluntary information disclosure,which includes concept,theory foundation and practice motivation and so on.Referring to some scholars’ methods such as Meek’s index and Botosan’s index and other important researches,the paper uses content analytical method to contrive a voluntary disclosure checklist which includes strategic information,financial information and non-financial information,36 items,and suits to the disclosure practice of our market to scale the level of voluntary disclosure.At the same time,the paper introduces the theory of capital structure,analyzes capital structure conditions and interest of financing in our country.Based on the deep research of voluntary information disclosure and capital structure,the thesis analyzes the mechani about how the capital structure of listed companies influences the voluntary information disclosure.Then,the research randomly selects 100 listed companies’ annual financial reports under strict control conditions in manufacturing industry in Shanghai Stock Exchange and computes the sample firms’ voluntary disclosure index according to the amount of voluntary disclosure provided in annual reports impersonally.And we conducts empirical research about linkage between capital structure and voluntary information disclosure from short-term financial leverage、long-term financial leverage、total financial leverage employing multivariate linear regression.Empirical study shows there is no positive and highly significant association between short-term financial leverage、total financial leverage and voluntary information index.And there is no direct association between long-term financial leverage and voluntary information index.To summarize,the voluntary information level is influenced feebly by the liabilities factor containing short-term liabilities, long-term liabilities.Finally,based on the results of the theoretical and empirical studies,considering the special characters of securities market and the listing firms,the thesis put forward to some important advices for improving voluntary disclosure information level.From our government and the department of securities supervising,they should make the companies’ financing behior standard,optimize companies’ capital structure;advance the reform of debenture bond market;enhance the fluidity debenture bond.Based on the listed companies’ angle,they may improve the level of voluntary information disclosure from companies’ interior initiatively for the sake of maintaining the better relationship with creditor;develops companies’ bond market positively.From the creditors’ standpoint,they should play particular restraint functions to debtors,especially commercial banks;strengthen creditor’s rights of supervision and the surveillance in voluntary information disclosure;optimize the period of short-term loan capital and long-term loan capital.
论文关键词： 自愿性信息披露；资本结构；短期财务杠杆；长期财务杠杆；总财务杠杆；
Key words（英文摘要）：www.328tibEt.cn The voluntary information disclosure；Capital structure；Short-term financial leverage；Long-term financial leverage；Total financial leverage；
Abstract（英文摘要）：www.328tibEt.cn The full effective information disclosure is the comerstone of capital market’s effective revolution,and the information disclosed by listed companies plays an important role in preventing fraud.Catagorized by information supervision,there are mandatory information disclosure and voluntary information disclosure.On the base of mandatory information disclosure, voluntary information disclosure makes information disclosure of corporate more complete and specific,and improves the quality of information disclosure of corporate,assists to get rid of information dissymmetry and incompleteness,in realizing fairness and efficiency of capital market, in promoting effective disposition of the capital.Along with the development of security market, voluntary information disclosure is receiving more attention from the investor,supervising department,listed company and creditor and so on.The voluntary information disclosure is a more attractive and important topic for both theoreticians and positivists.Foreign scholars he done lots of studies on voluntary disclosure,but not too much related studies in domestic research,especially on empirical research.Because of the affection of unique economy environment,securities business development and government management,listed companies’ in China capital structure has some unique features;so many foreign researches result on voluntary disclosures are not fit for listed Chinese companies effectively.So, this paper empirically examines the linkages between companies’ capital structure and the level of voluntary disclosures in annual financial report provided by listed Chinese companies.Under the background of voluntary information disclosure being regarded to be important,and considering shortage research on correlation between voluntary information disclosure and capital structure in our country,the thesis examines how capital structure of listed Company influences the level of voluntary disclosure theoretically and empirically.This thesis is under the constructure as follows:Firstly,this thesis begins with the theory system of voluntary information disclosure,which includes concept,theory foundation and practice motivation and so on.Referring to some scholars’ methods such as Meek’s index and Botosan’s index and other important researches,the paper uses content analytical method to contrive a voluntary disclosure checklist which includes strategic information,financial information and non-financial information,36 items,and suits to the disclosure practice of our market to scale the level of voluntary disclosure.At the same time,the paper introduces the theory of capital structure,analyzes capital structure conditions and interest of financing in our country.Based on the deep research of voluntary information disclosure and capital structure,the thesis analyzes the mechani about how the capital structure of listed companies influences the voluntary information disclosure.Then,the research randomly selects 100 listed companies’ annual financial reports under strict control conditions in manufacturing industry in Shanghai Stock Exchange and computes the sample firms’ voluntary disclosure index according to the amount of voluntary disclosure provided in annual reports impersonally.And we conducts empirical research about linkage between capital structure and voluntary information disclosure from short-term financial leverage、long-term financial leverage、total financial leverage employing multivariate linear regression.Empirical study shows there is no positive and highly significant association between short-term financial leverage、total financial leverage and voluntary information index.And there is no direct association between long-term financial leverage and voluntary information index.To summarize,the voluntary information level is influenced feebly by the liabilities factor containing short-term liabilities, long-term liabilities.Finally,based on the results of the theoretical and empirical studies,considering the special characters of securities market and the listing firms,the thesis put forward to some important advices for improving voluntary disclosure information level.From our government and the department of securities supervising,they should make the companies’ financing behior standard,optimize companies’ capital structure;advance the reform of debenture bond market;enhance the fluidity debenture bond.Based on the listed companies’ angle,they may improve the level of voluntary information disclosure from companies’ interior initiatively for the sake of maintaining the better relationship with creditor;develops companies’ bond market positively.From the creditors’ standpoint,they should play particular restraint functions to debtors,especially commercial banks;strengthen creditor’s rights of supervision and the surveillance in voluntary information disclosure;optimize the period of short-term loan capital and long-term loan capital.
论文关键词： 自愿性信息披露；资本结构；短期财务杠杆；长期财务杠杆；总财务杠杆；
Key words（英文摘要）：www.328tibEt.cn The voluntary information disclosure；Capital structure；Short-term financial leverage；Long-term financial leverage；Total financial leverage；