上市公司盈余管理与信息披露质量相关性研究

On the Relationship between Earnings Management and Information Disclosure Quality of Listed Firms

上市公司的财务报告和信息披露是影响投资者与上市公司之间信息不对称程度的两大因素,同时分别影响其财务报告中盈余管理的程度及其信息披露的质量。本文对我国上市公司盈余管理程度与信息披露质量之间的相关性进行了实证检验,研究结果表明,上市公司盈余管理程度与信息披露质量之间存在显著的负相关关系。这说明,上市公司可能通过降低信息披露质量来配合其盈余管理。研究结果的政策含义在于,为了降低投资者与上市公司之间的信息不对称程度,监管者需要同时兼顾对上市公司财务报告行为和信息披露行为的监管,即采取协调监管的策略。

Financial report and information disclosure （ID） of listed companies are the two factors that influence the information asymmetry and influence the degree of earnings management （EM） in financial report and the quality of ID respectively. This paper, using the data of companies listed before 2001, examines the relationship between the degree of EM and the quality of ID. The result shows that they have a significantly negative relationship, which implies that listed companies may lower ID quality to conceal their EM. The implication to policy is that to mitigate the information asymmetry problem between investors and listed companies, regulators should pay attention to the regulations of financial report and ID simultaneously and harmoniously.