上市公司自愿性信息披露对提升公司价值的影响——基于我国证券市场的进一步验证

对于上市公司自愿性信息披露能否影响公司的价值,论文将采用托宾Q(Tobin'sQ)作为衡量公司价值的指标,揭示中国上市公司自愿性战略信息披露、自愿性非财务信息披露、自愿性财务信息披露与公司价值的关系,本文将构建模型,并采集2005年度的数据进行进一步实证分析,结果表明:自愿性非财务信息披露水平对提升公司价值有显著的作用,竞争程度高的上市公司的自愿性信息披露对公司价值的影响更为显著。

This paper will adopt Tobin＇ s Q as the index of firm value to disclose the relationship between the volunteer strategic information disclosure, the volunteer non - financial information disclosure, the volunteer financial information disclosure and the firm value of the listing companies. The paper will set up a model to have demonstrative analysis by the data of 2005. The result indicates that the volunteer non- financial information disclosure will have significant effect for advancing the firm value and this effect will be more significant for the high competitive industry.