信息披露:近40年国外研究综述

Information Disclosure:A Survey of Overseas Research in the Past 40 Years

本文对国外近40年来的信息披露的基本理论、分析框架和影响因素的研究进行评述。研究发现,发送者-接收者框架说明了信息披露的基础,但它无法描述信息披露的详细过程;委托代理框架解决了逆向选择与道德风险问题,但它的一系列严格假设损害了激励机制的普适性;利益相关者框架可以解释更多主体的行为,但它很难深入分析利益相关者之间的动态作用;中间层框架突出了中介的信息功能,但它对中间层参与信息披露及其监管过程缺乏解释力。经验证据表明,影响信息披露的因素主要包括企业要素、媒体要素、管制要素、审计要素等,但是它们都没有涉及中间层在信息披露的动态情境下的影响作用。未来的研究需要考虑多个主体在监管、审计、披露和媒体报道过程中的博弈问题以及更多相应的经验证据。

This paper reviews the theoretical and empirical studies on information disclosure in the last 40 years overseas. The senderrecipient framework can explain the basis of information disclosure, but it does not describe the process of information disclosure in detail. The principal - agent framework analyzes adverse selection and moral hazard in information disclosure, but its strong assumptions limits the universality of incentive mechanism. The stakeholder framework explains agent＇ s behaviors, but it is difficult to analyze stakeholders＇ dynamic interaction. The intermediator framework highlights the function of information intermediary, but it makes less explanation for intermediators＇ participation in information disclosure and its regulation. Some empirical analyses show that the factors that affect the information disclosure are from firm, media, regulation, and audit, but these empirical studies ignored the influence of intermediators in the dynamic process of information disclosure. As for further study on information disclosure, it is expected to analyze, with more empirical evidences, the games among multi - agents in regulation, auditing, disclosure and reports.