上市公司价值信息披露的经济后果研究

Research on Economic Consequences of the Value Information Disclosure of Chinese Listed Companies

企业价值信息披露具有一定的经济后果,会对资本市场的持续发展产生重要影响。本文以深市上市公司2009年数据为研究样本,从两个方面考察企业价值信息披露的经济后果,分别研究了企业价值信息披露的短期市场反应以及企业价值信息披露与企业价值的关系。本文通过实证研究发现,上市公司价值信息披露会引起股价的短期波动,引起资本市场的正向反应,上市公司价值信息披露水平与企业价值存在正相关关系,说明提升企业信息披露的价值信息含量有助于提高企业价值。

The disclosure of enterprise value information has the economic consequences,and has a major impact on the continued development of capital markets.Using the data of listed companies of Shenzhen in 2009,it is examined the short-term market reaction of the enterprise value information disclosure and the relationship between the enterprise value information disclosure and the enterprise value from the economic consequences of the value information disclosure.It is found that the disclosure of value information of the listed company will cause short-term fluctuations of stock price and the positive reaction of the capital markets,and there is positive correlation between the disclosure level of value information of the listed company and enterprise value.It is proved that enhancing information content of the enterprise value disclosure will help to improve the enterprise value.