系族企业信息披露行为研究:基于民营上市公司的经验分析

Business Group and Information Disclosure:Evidence from Chinese Family-dominated Corporations

利用2009年民营上市公司的数据,从强制性信息披露、自愿性信息披露、信息披露真实性和信息披露及时性等几个方面分析了系族企业与非系族企业信息披露行为的差异。发现其差异主要体现在自愿性信息披露上,系族企业的自愿性信息披露水平明显低于非系族企业的自愿性信息披露水平。另外,对于系族企业来说,两权分离度越大,自愿性信息披露水平越低。这说明系族企业的两权分离度越高,利益侵占情况越严重,终极产权所有者越倾向于对其他投资者隐瞒信息。

Using the data of private listed companies,this paper analyzes the difference in the information disclosure behavior between group member and non-group member in terms of compulsive information disclosure,voluntary information disclosure,truth of information disclosure and timeliness of information disclosure,finding that the difference mainly lies in voluntary information disclosure in which the voluntary information disclosure in group members is obviously worse than that in non-group members.For group member,on the other hand,the larger gap between voting rights and cash flow rights,the lower level of voluntary information disclosure,indicating the larger gap between voting rights and cash flow rights,the worse the situation of interests occupied,and the more likely the ultimate property owners become to keep information from other investors.