产权、公司治理、财务经营状况与信息披露质量

Property Right,Governance,Financial Status and Disclosure Quality of Listed Companies

信息不对称影响证券市场效率,上市公司信息披露能够改变信息不对称,提高市场效率,但是虚假信息披露可能导致证券市场信任危机。促进证券市场长期健康发展,需要提高信息披露质量。以深交所2005年上市公司为样本,结合公司年报,选取产权结构、公司治理结构及财务经营状况等方面的因素,运用LOGISTIC模型对选取的相关因素进行回归分析的实证结果表明产权结构、公司治理结构及财务经营状况等方面的因素与上市公司信息披露质量显著相关。

Asymmetry in information and false disclosure influences efficiency of the security market. Improvement in disclosure quality enforces and promotes long-term development efficiency of the security. Sampling 127 listed companies of SZSE in 2005 in China, according to data of their annual reports, we regress logistic model by relational factors chosen and find that property right, corporate governance and status of finance and running influence disclosure quality of listed companies.