公司透明度的决定因素——基于代理理论和信号理论的经验研究

Cross-sectional Determinants of Corporate Transparency——Empirical Evidence Based on Agency Theory and Signal Theory

信息披露透明是资本市场的基石,本文探讨中国上市公司透明度的决定因素。根据我们的分析框架,公司透明度由内部激励因素和外部压力因素共同决定。借鉴信号传递理论和代理理论,在理论分析的基础上,本文以深市上市公司2001-2008的数据为样本,实证检验了透明度的决定因素。结果发现,内部激励因素(信号传递激励与代理问题)和外部压力因素(市场监管力度)对透明度均有较强的解释力,实证结果与理论分析基本吻合。另外,我们还发现,内部激励因素较好地解释了公司透明度的变化,也是长期透明度的主要决定因素。

This paper attempts to explore the determinants of corporate transparency in China.According to our analysis framework,corporate transparency is co-determined by interior drive factors and exterior pressure factors.Based on our theory analysis,and using the data of 2001-2008 of listed companies included in information disclosure quality evaluation of Shenzhen Stock Exchange,we empirically test the determinants of corporate transparency.The results show that interior drive factors and exterior pressure factors can well explain corporate transparency,and these results consistent with our theory analysis.Moreover,we find that interior drive factors explain the change of corporate transparency to a great extent,and it is also the main determinants of long-term corporate transparency.