中国上市公司信息披露影响因素的实证研究——基于长江三角洲地区上市公司的经验证据

An Empirical Study on Factors Affecting Information Disclosure of Chinese Listed Companies:Based on Evidence from Yangtze River Delta Area's Listed Companies

本文基于我国长江三角洲地区200多家上市公司信息披露的经验证据,运用计量分析的方法对影响我国上市公司信息披露的主要内在因素进行了实证研究。研究结果表明:(1)我国上市公司法定性信息披露相对较好,但是自愿性信息披露尤其是战略性信息披露的现状十分令人担忧。(2)上市公司规模对信息披露的影响显著,公司规模越大其信息披露的质量指数越高。(3)上市公司股权结构对信息披露的影响显著,但与经济发达国家或地区上市公司股权结构对信息披露的影响相比显现出不尽相同的特点。其中,国家股集中度对其财务性和战略性信息披露的影响是正向的,而法人股集中度对其财务性和战略性信息披露的影响是负向的。(4)上市公司资本结构和盈利能力对其信息披露的影响显著。其中,资本结构对信息披露的影响是负向的,而盈利能力对信息披露的影响是正向的。

Based on the investigations that examine our country Yangtze River delta area＇s more than 200 listed companies and the methods of econometrics, the primary intrinsic factors are studied that influence listed company＇s information disclosures. The major findings include：（ 1 ） Comparatively, legal information listed company is good, voluntary information disclosure especially the strategic information disclosure is worrying in its present situation. （2） Information disclosure is remarkably influenced by the scale of listed company, the bigger company scale, the higher quality figure of information disclosure. （3）Information disclosure is remarkably influenced by ownership structure of listed company. Among them, the state shares concentration degrees influence to financial and strategic information disclosure is positive, but the influence of legal person share concentration is negative. （4）Information disclosure is remarkably influenced by capital structure and profit ability of listed company. Among them, the capital structure＇s influence to listed company is negative, but the influence of profit ability is positive.