信息质量与投资者保护———基于对违规披露公司及其配对样本的比较分析

Information Quality and Investor Protection——Based on the Comparison between Irregular Disclosure Companies and Their Counterparts

充分发挥信息披露对投资者的保护作用,是改善资本市场信息不对称状况及促进证券市场健康持续发展的关键。基于2007-2009年沪深A股违规披露上市公司及其配对样本的比较分析,实证研究不同公司信息披露质量对投资者保护效果的差异。研究发现,上市公司信息披露质量与以信息泄露值为度量的投资者保护程度呈显著的正相关关系,并且在晚披露信息的公司中表现更加显著,表明会计信息质量的提高有助于增强投资者保护水平。因此要改善证券市场的投资环境,加强对投资者的保护,必须切实地提高上市公司——尤其是晚披露公司的信息披露质量。

Investor protection by effective information disclosure plays a vital role in improving information asymmetry and ensuring the continuous and healthy development of securities market. Based on the comparison analys is between irregular disclosure companies and their counterparts in A-share companies from 2007 to 2009 in China, an empirical study has been used to find the difference of investor protection effect resulted from different information disclosure quality. It shows that information disclosure quality has significant positive correlation with investor protection level measured by information leakage, and the later the disclosure, the stronger the correlated relationship. Therefore, to improve investment environment and strengthen investor protection, better information disclosure quality of listed companies should be required,especially for those delayed disclosure.