上市公司信息披露质量与披露行为的关系实证研究

Empirical Study of Relationship between the Quality of the Listed Company Information Disclosure and the Performance of the Listed Company Information Disclosure

本文以上市公司信息披露质量与披露行为的关系作为研究对象。首先从信息披露时间、频数和场合三个披露行为同信息披露质量做了一个整体的描述性统计分析,直观地分析信息披露质量与信息披露行为的关系分布;然后运用SPSS对信息披露行为做差异性分析,对某些解释变量进行曲线估计,最后对上市公司信息披露质量、时差和频数的关系做有序多分类的Logistic回归分析,寻找上市公司信息披露质量与披露行为的关系。研究发现:披露质量同时差和频数呈现出随着时差和频数的增大,信息披露的质量先上升后下降的趋势,在披露场合上不存在差异性。并据此建议:给予上市公司获得深交所高信息披露质量评价的一个努力方向的指导;投资者可以利用在质量评级公布结果时刻的前后采用或调整适当的投资策略;监管者可以从上市公司现有的信息披露行为和应有的信息披露行为之间的差异中发现监管的重点或改善现有的制度。

This paper focus on the relationship between the quality and behavior of listed company information disclosure. Firstly, overall descriptive analysis of the quality and behavior of the listed company information disclosure has been made in terms of time difference, frequency and place of information disclosure, and the relationship distribution between the quality and behavior has been intuitively analyzed. Secondly, difference analysis has been given to the behavior of the listed company infor- mation disclosure by using the statistical method SPSS to estimate for curves of some explanatory variables. Finally, applied ordi- nal polytomous Logistic regression method to analyze the relationship between the quality and the time difference, frequency of in- formation disclosure in order to investigate the relationship between the quality and the behavior of the listed company information disclosure. Some suggestion have been given： listed company could gain the orientation guideline from the high quality evaluation listed company; The investor should make a properly investment strategy according to the moment of quality evaluation announcement; The superintendent will have found critical point and improve the existing system from the difference between available behavior and due behavior of the listed company information disclosure.