上市公司分部信息披露动因与约束

Motivation and Restriction of Segment Information Disclosure of Listed Companies

分部信息的披露主体主要是上市公司。公司出于竞争投资者有限的资金等目的有自愿披露分部信息的动因。由于分部信息披露存在成本,在没有管制的情况下,企业出于自身利益最大化考虑,将通过对收益和成本的权衡来决定分部信息披露。由于分部信息披露的外部性、分部信息分布的不对称性等,不能完全依赖于自愿披露,必须对分部信息披露进行适度的管制,强制公司披露分部信息。

Listed companies are main bodies of segment information disclosure. Some companies are motivated to make corporate disclosure on a volunteer basis for the purpose of attracting capital Given the cost of segment information disclosure, companies tend to determine segment disclosure content based on a balance of revenue and cost in order to maximize corporate interest. Due to the externality of segment information disclosure and asymmetry of spread of segment information, volunteer disclosure can not be completely relied upon Segment information disclosure should be properly regulated to make segment information disclosure mandatory.