沪市房地产企业信息披露的流动性效应

Liquidity Effectiveness of Real Estate Business Information Disclosure of Listed Companies in Shanghai Stock Market

运用沪市房地产企业2006年—2008年度数据为样本分析会计信息披露质量与公司业绩、股票流动性的关系,研究结果表明会计信息质量与公司业绩ROE显著负相关,其中会计信息的真实性与ROE正相关,与每股内涵价值负相关,完整性与ROE负相关。会计信息质量对股票流通的促进作用不显著,但会计信息的真实性显著与ILLIQ负相关,即显著促进股票的流动。

Based on the annual reports of listed real estate companies from Shanghai stock market in 2008,the relationships among the quality of accounting information disclosure,corporate performance and stock liquidity.The results show that accounting information quality has an obvious negative correlation with ROE,where the authenticity of accounting information is positively correlated with ROE and negatively with the intrinsic value per share,and the integrity of information is negatively correlated with ROE.The quality of accounting information does not significantly promote the circulation of the stock.However,the authenticity of accounting information is negatively correlated with the ILLIQ,i.e.,it obviously promotes the transformation of the stock.