内生视角下的股权结构对自愿性信息披露的影响

Effect of Ownership Structure on Voluntary Information Disclosure Based on Endogenous Perspective

现有有关股权结构与自愿性信息披露关系的研究大都不考虑内生性问题,先验地把股权结构视为外生变量.以2005—2009年深市上市公司为研究对象,国家股比例、股权集中度、控股股东性质以及高管持股比例等股权结构变量为解释变量进行分析,发现股权集中度、高管持股情况存在内生性问题,并且在内生性假设下,股权集中度与自愿性信息披露水平呈显著相关,高管人员持股比例与自愿性信息披露水平则不具有显著的相关性,股权结构与自愿性信息披露之间是一种互动的双向作用.

The existing literature is very rich on the relationship between ownership structure and voluntary information disclosure, but most of them neglect the problem of endogeneity and firstly take the ownership structure as exogenous variables. In this paper, by selecting some Shenzhen listed companies from 2005 to 2009 as study samples, and taking the proportion of state - owned share, ownership concentration, the nature of controlling shareholder and the proportion of executive shareholding etc ownership structure variables as the explanatory variables, the results of empirical analysis indicates that the ownership concentration and shareholdings of executives exist the endogenous problem. Under the endogenous assumption, the relationship between the ownership concentration and the level of voluntary information disclosure is significantly： But that between the proportion of executive shareholding and the level of voluntary information disclosure is not significantly. Thus, there is an interactive two - way role between the ownership structure and voluntary information disclosure.