影响衍生金融工具信息披露遵循度的因素——基于沪深300指数的实证研究

On Factors Affecting Compliance of Derivative Financial Instruments Disclosure——A Case Study of Listed Companies in Shanghai and Shenzhen Stock Exchange(300 Index)

以2010年度沪深300指数中使用衍生工具的、非金融保险类公司为对象,用披露指数来衡量信息披露对准则的遵循度。通过披露比率分析发现:导致遵循度低的直接原因主要是利率风险、外汇风险、价格风险等风险项目披露不足。进而采用线性回归检验发现:被国际审计事务所审计的公司、规模大的公司及资产负债率高的公司,对准则的遵循度较高。因此,需从加强企业风险管理意识、提高审计质量和扩大公司规模等方面入手,提高企业衍生金融工具信息披露对准则的遵循度。

This paper takes the degree of compliance with the Financial Derivatives guidelines as a sample of the CSI 300 Index non-financial listed companies in 2010. The research finds that the reasons that cause the enterprises in the low degree of compliance are interest rate risk, currency risk, price risk, and derivatives abnormal fluctuations. In order to test the factors that affect the degree to follow guidelines, we use linear regression and find that the ＂big four＂ auditor, the company＇s size and debt rate have a significant positive correlation with the degree of standards compliance. That means the larger the company, the higher the debt rate, the more audited by the top four auditors, the higher degree of compliance with the guidelines. So we should strengthen risk management awareness, improve audit quality and expand the size of the company.