公司特征与信息披露质量研究:国外文献述评

The Relationship Between Firm-Specific Characteristics and Disclosure Quality:A Review on Foreign Literature

公司特征与上市公司信息披露质量之间的关系是一个理论研究热点,国外学者主要从三个方面对此进行理论分析,一是基于委托代理理论、信号传递理论以及政治进程理论等;二是立足于上市公司在企业战略、信息披露成本、融资需求以及外在压力等方面的个体差异;三是从制度、历史以及会计师事务所等因素。实证研究结论表明公司特征与上市公司信息披露质量之间关系是复杂的,对于财务杠杆、公司业绩,行业等公司特征与上市公司信息披露质量之间的关系,有学者的结论截然相反。回顾国外文献有利于全面分析我国上市公司信息披露质量影响因素,对于提高上市公司信息披露质量间接测度的有效性具有重要的理论意义。

It is a hot topic that the relationship between company charactiristics and disclosure quality.Scholars from abroad make an analysis from the following aspects： first,theory based on agency,signal transmitting theory and political process theory;second,the individual difference based on the corporate strategy,information disclosure cost,financing needs as well as pressure from the outside;and third,such factors as system,history,accounting firms background.The empiracal study indicates that the relationship between company charactiristics and disclosure quality is quite complex in that some scholars hold the opposite views in terms of the relationship between the company characteristics such as financial leverage,company performance,industry and disclosure quality.A review on foreign literature is theoretically significant and helps to analyse the factors affecting the disclosure quality of China listed companies in the terms of the efficiency of indirect measurement for the disclosure quality.