自愿性信息披露的短期价值效应探析被引量：13

A Study on Short-Term Value Effect of the Voluntary Disclosure

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摘要以173家深圳A股上市公司为样本,运用事件研究法和多元回归分析模型,检验了自愿性信息披露的短期价值效应。研究发现:2005年和2006年自愿性信息披露"高组合"的平均累计超额收益率显著高于"低组合",而2007年"高组合"的平均累计超额收益率与"低组合"无显著差异。自愿性信息披露的回归系数显著为正,说明自愿性信息披露具有一定的信息含量,能够对投资者的投资行为产生影响。验证了自愿性披露的短期价值效应。 By selecting 173 listed companies in Shenzhen Stock Exchange as research samples, we use event study and regression model to test the short-run share price value effect of the voluntary disclosure. The results show that in 2005 and 2006 the CAAR_H is obvious- ly bigger than that of the CAAR_L, but in 2007 the difference is not so obvious. There is a positive relationship between independent di- rectors and voluntary disclosure, this means that voluntary disclosure has some information content and it could affect the investor＇s behaviors. This proves the short-run share price value effect of the voluntary disclosure.

作者韩海文张宏婧

机构地区东北财经大学会计学院东北电力大学经济管理学院

出处《审计与经济研究》 CSSCI 北大核心 2009年第4期50-58,共9页 Journal of Audit & Economics

基金辽宁省2008年度哲学社会科学规划基金项目(L08DJY114)

关键词自愿性信息披露事件研究法多元回归价值效应 voluntary disclosure event study regression model value effect

分类号 F230 [经济管理—会计学]

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