公司信息透明度的市场效应——来自中国A股市场的经验证据

The Market Effect of Firm Information Transparency:Empirical Evidence from Chinese A Share Market

目前在中国市场,信息披露质量是较数量更为有效的衡量公司信息透明度的方面。基于信息披露质量,我们分别以深交所上市公司考评中不及格和优秀等级的公司、沪深违规信忠披露公司及其配对公司作为两组研究样本,同时全面考察公司的信息透明度对投资者交易行为的影响以及相应的市场效应。两组样本检验结果一致表明,低透明度和严重的信息不对称是某些知情者诈取广大不知情的中小投资者利益的温床,并扭曲了资本市场的原有功能;从2001年至2004年,尽管公司信息透明度对大量中小投资者的股票选择没有显著影响,但其的确也帮助了投资者对所选择的股票进行定价。健全法律制度、培育理性投资者与信息中介、提高公司信息透明度,是促进市场有效的根本。

By now, the quality of disclosure is much effective for measuring the firm information transparency compared with disclosure quantity in Chinese stock market. Based on disclosure quality, we synchronously use two groups of samples to explore the influences of firm information transparency to investors＇ action and correlative market effects comprehensively, the first group is firms with fail and excellent degree assessed by Shenzhen Stock Exchange, and the second one is firms disobeying disclosure rules released by the government and their paired ones. The test results of the two groups of samples both indicate that the low transparency and severe information asymmetry are the base for some informed to fleece interests of many uninformed retail investors and distort the original function of capital market, and from 2001 to 2004, though the firm information transparency had no evident impact to the uninformed investor＇s share choice, it indeed helped investors price shares. Strengthening law and system, encouraging rational investors and information agency, and enhancing firm information transparency are the basis for improve the efficiency of capital market.