上市公司信息披露质量与公司绩效——基于灰色局势决策法的实证研究

A study on the disclosure quality of accounting information and financial performance based on the method of Grey Situation Decision

以深圳证券交易所A股上市公司中制造业类为研究对象,2003—2007年为时窗,通过灰色局势决策理论对不同规模公司的信息披露质量与公司净资产收益率、总资产收益率、每股收益等财务绩效评价指标间的相关性,及其相关性的强弱进行研究.结果表明:深圳市制造业同型公司信息披露质量与主营业务增长率呈负相关关系;大型优秀公司与每股收益最优相关,与净资产收益率和总资产周转率较优相关;中型优秀公司与净资产增长率最优相关,与净资产收益率较优相关;中型不及格公司净资产增长率不可靠;小型不及格公司除与每股收益和净资产增长率未表现出相关性外,其主营业务增长率不可靠,同时公司治理者应加快公司总资产周转率.

The paper conducts empirical study on manufacturing companies listed on the stock exchange of Shenzhen in 2003 -2007 based on the method of Grey Situation Decision. The correlation and the degree of this correlation of information disclosure with the evaluation indexes of financial per- formance involving return on net assets, return on assets and earnings per share etc. of enterprises which have different sizes are analyzed. Research results show that： there is a negative correlation between the disclosure quality and the main business growth ratio in the manufacturing listed companies of the same size ; the earnings per share are most highly related to the large enterprises with sound disclosure quality, while the return on net assets and the total assets turnover ratio are better relative to this type of enterprises; the net asset growth ratio is most highly related to the medium-sized enterprises with sound disclosure quality, and the return on net assets is better relative to them; by compari- son, the net asset growth ratio is unreliable in medium-sized companies which have poor disclosure quality; and the small companies with poor disclosure quality dont indicate any correlation with earnings per share and net asset growth ratio, whereas the main business growth ratio is unreliable and it is necessary to accelerate the total assets turnover ratio.