上市公司信息透明度对股票流动性的影响——来自深市上市公司2004～2006年的经验证据

The Compact of Listed Companies' Information Transparency on the Stocks' Liquidity

研究我国上市公司信息透明度与股票流动性的关系,对促进监管部门完善信息披露政策、加强监管和促进上市公司努力提高信息透明度具有积极意义。实证研究表明,上市公司信息透明度的提高可以增强股票的流动性,对减少投资者投机行为、持续稳定发展资本市场具有积极作用;深交所的信息披露考评工作是有成效的,上交所也应该披露此类信息披露考评结果,同时应该进一步完善信息披露考评体系,使考评结果更加科学化。

It is very important to study the relationship between the listed companies＇ information transparency and the stocks＇ liquidity, which will promote supervision departments to improve listed companies＇ information disclosure regula- tions and arouse listed companies improving their information transparency. It is empirically proved that the promotion of the listed companies＇ information transparency follows the more liquidity of the stocks, and that the evaluation of listed companies＇ information disclosure made by Shenzhen Stock Exchange is effective. So Shanghai Stock Exchange should dis- close such evaluation. Both Shenzhen Stock Exchange and Shanghai Stock Exchange should improve their evaluation of listed companies＇ information disclosure.