中国上市公司股权结构与自愿性信息披露关系的实证研究——以信息技术行业为例

An Empirical Study of Relationship between Ownership Structure of China's Listed Companies and Voluntary Disclosure of Information——Take IT Industry as an Example

自愿性信息披露是对强制性信息披露的补充和扩展,是体现资本市场信息有效性的重要手段,但目前自愿性信息披露方面仍存在许多问题。股权结构是影响自愿性信息披露的重要因素。通过对信息技术行业上市公司的股权结构与自愿性信息披露进行实证分析,发现上市公司流通股占总股本的比例与自愿性信息披露之间存在着正相关关系,股权集中度与自愿性信息披露之间有负相关关系,但相关系数比较小。因此完善上市公司股权结构,加强上市公司自愿性信息披露的研究,有利于推动和引导我国上市公司进行自愿性信息披露。

Voluntary disclosure of information is the complement and expansion of mandatory disclosure of information, and is an important means to reflect the effectiveness of information of capital market. But there are still many problems of voluntary disclosure of information. Ownership structure is an important factor to affect voluntary disclosure of information. Through the empirical study about ownership structure and voluntary disclosure of listed IT companies, the paper finds that there is positive relationship between the proportion of circulation stock to total stock issue and voluntary disclosure of information, and negative relationship between concentration ration and voluntary disclosure of information. But the correlation coefficient is relatively small. Therefore, improving the shareholding structure of listed companies and strengthening the research of voluntary disclosure of information will help promote and guide voluntary disclosure of information of listed companies.