产品市场竞争、公司治理与信息披露质量

The Market Competition in Products,the Corporate Governance and the Quality of Information Disclosure

信息披露质量是保护投资者利益、维持资本市场健康发展的关键要素。本文以2003～2005年深交所上市公司数据,考察了产品市场竞争、公司治理与信息披露质量之间的关系。研究结果表明,公司治理结构的合理安排能够对信息披露产生促进作用,而产品市场竞争则对某些公司治理机制产生了互补或替代的作用。这一结论意味着,在中国当前的制度背景下,要提升信息披露质量、保护投资者利益,有必要继续完善上市公司的治理结构;与此同时,在中国公司治理整体上存在诸多问题、而相应改革进展缓慢这一既定的前提下,通过降低进入壁垒等方式加强产品市场竞争,也可以有效提升公司的信息披露质量。

The quality of information disclosure is the key factor that protects investors' interests and that maintains the healthy development of capital markets.Based on the data,from 2003 to 2005,on the companies listed on Shenzhen Securities Exchange,we have,in this article,explored the relationship between the market competition,the corporate governance,and the information disclosure.The results of our study show that the reasonable arrangements for the structure of corporate governance can promote the information disclosure, and the market competition in products plays the role of mutual complement or substitution in terms of the governance mechanism of certain companies.This conclusion implies that,in the context of China's present system,in order to upgrade the quality of information disclosure and protect investors' interests, it is necessary to continue the perfection of the governance structure of listed companies,that there exist many problems in the governance,as a whole,of China's listed companies,and that,in the given context of the slow progress of the related reform,to lower the barrier to entry or to use other means to strengthen the competition of product markets can also effectively boost the quality of listed companies' information disclosure.