上市公司林木资产信息披露质量评价及经济后果研究——基于熵权法

Study on Quality Evaluation and Economic Consequences of Forest Assets Information Disclosure in Listed Companies——Based on Entropy Method

为了考察财政部2006年首次发布的生物资产准则在林业上市公司的实施情况和效果,更好地促进林业上市公司在资本市场的健康发展,文章选择2007~2016年我国沪深两市A股林业上市公司为研究对象,运用熵权法对林木资产信息披露质量予以评价,并进一步运用事件研究法对其经济后果进行实证检验。结果表明:上市公司林木资产信息披露质量整体有所改善但并不稳定,不同样本公司间的林木资产信息披露质量差异较大;上市公司林木资产信息披露质量高低是资本市场投资者的决策依据之一,不同的披露质量会带来不同的经济后果;林木资产信息披露质量提升有助于改善上市公司在资本市场的股价表现。公司管理层应重视对林木资产信息披露质量的改进,监管机构应加强对上市公司林木资产信息披露的监督管理。

The purpose of this paper was to understand the application of the bio-asset guidelines first issued in 2006 to forestry listed companies in China and promote the healthy development of forestry listed companies in the capital market.Samples of this paper were A-share listed forestry companies in Shanghai Stock Market and Shenzhen Stock Market from 2007 to 2016.The entropy method was applied to evaluate the forest asset information disclosure quality of these sample companies,and the event research method was used to test the economic consequences of forest asset information disclosure quality.This paper finded out that the overall quality of forest asset information disclosure of China’s forestry listed companies tended to improve,however,it was not stable.Meanwhile,there were big differences among different sample companies.For forestry listed companies,the quality of forest assets information disclosure was one of the decision-making basis of capital market investors and different disclosure quality would bring various economic consequences.The quality of forest asset information disclosure should be increased to improve forestry listed companies’stock price performance in the capital market.Therefore,the management’s attention needed to be given to the improvement of the quality of forest asset information disclosure and the supervision of the forest assets disclosure in listed companies should be strengthened by the regulatory bodies.