信息不对称程度、财权配置分权度与公司业绩关系的实证分析

An Empirical Analysis of the Relationship between Degree of Information Asymmetry,Financial Rights Allocation Decentralization Degree and Company Performance

本文以国有控股上市公司2003-2012年的4 101个样本数据检验了公司内部信息不对称程度与财权授权配置分权度之间的偏离度对公司会计业绩评价指标的影响,结果显示二者偏离程度与公司业绩呈反比,说明公司董事会根据其与经理层之间的信息不对称程度来相机授权配置财权对于提升公司业绩具有明显的促进作用。

This paper used the 4101 samples data of state -owned listed corporation from 2003 to 2012 to examine the influence of the deviation between the degree of information asymmetry and the degree of internal company financial au -thorization configuration decentralization on the accounting performance evaluation index .The results showed the devia-tion degree between them and the company performance is inversely proportional , explaining that board of directors of company authorizing configuration property according to the degree of information asymmetry between it and managers will enhance the company performance significantly .