跨国公司透明度影响因素研究——来自于中国跨国上市公司的经验证据

A Study on Determinants of Corporate Transparency——With Empirical Evidences from China's Listed MNCs

透明度监督是企业国际化经营监管的重要组成部分,透明度监管的前提是要理清影响公司透明度的因素。文章结合中国制度背景,对2005年12月31日前在沪深上市的跨国公司从2006年-2008年收益透明度进行系统分析,并理出了影响因素。实证结果表明,跨国公司出口比重越高,公司信息越不透明;跨国公司的外资法人股比例越高,公司信息越透明。跨国公司公司流通股比例、公司规模、资产负债率、盈利水平和国有股比例均与不透明度之间存在负相关关系。

The supervision of corporate transparency of is an important part of the monitoring process of the international operating of MNCs. The prerequisite for the supervision work is to sort out the various factors affecting the corporate transparency. Under the current background in China, this article conducts a systematic analysis of the transparency of the discretional accruals of the MNCs which were put into market before the date of Dec. 31, 2005 in Shanghai from 2006 to 2008. Empirical evidences show that the higher the proportion of exports, the more opaque the information of the MNCs the higher the share of foreign-funded legal person, the more transparent the information of MNCs. There exists a negative relationship between the opaqueness of the MNCs and such factors as the proportion of the circulation shares, the scope of the corporate, the rate of liabilities, level of accruals and the rate of stateowned shares.