上市公司治理能力、信息披露质量对财务绩效影响研究

A study on the impact of listed companies’governance capacity and information disclosure quality on financial performance

提高上市公司治理能力、改善信息披露质量,是促进上市公司可持续发展的内在要求,也有利于提高公司价值、增加企业绩效。而经济增加值能够较好地反映公司价值;审计意见能体现信息披露水平。基于此,为提高上市公司绩效、促进其高质量发展,本文采用2010-2020年A股市场的上市公司数据,从理论和实证两方面研究上市公司经济增加值率、外部审计意见对股票收益率的影响,分析上市公司经济增加值率随资产负债率变化的区间效应。结果发现:整体上,上市公司经济增加值率对股票收益率具有显著的正向影响,非标准审计意见对股票收益率具有显著的负向影响;从区间效应看,公司经济增加值率对股票收益率的影响会随着公司资产负债率的变化而存在差异,具体表现为高区间负债率比低区间负债率的公司影响大。因此,在公司信用得到充分保障的状态下,经济增加值率的提升更能促进公司股票收益率的增长。

Improving the governance ability of listed companies and improving the quality of information disclosure is an inherent requirement to promote the sustainable development of listed companies,and is also conducive to improving corporate value and increasing corporate performance.And economic value added can better reflect the company value;audit opinion can reflect the level of information disclosure.Based on this,in order to improve the performance of listed companies and promote their high-quality development,this paper adopts the data of listed companies in A-share market from 2010 to 2020,and studies the influence of economic value added rate of listed companies and external audit opinion on stock return from both theoretical and empirical aspects,and analyzes the interval effect of economic value added rate of listed companies with the change of asset and liability ratio.The results found that:overall,the economic value added rate of listed companies has a significant positive impact on stock return,and the non-standard audit opinion has a significant negative impact on stock return;from the interval effect,the impact of the economic value added rate of companies on stock return will differ with the change of the company’s gearing ratio,specifically,the impact of high interval gearing ratio is greater than that of companies with low interval gearing ratio.Therefore,in a state where the company’s credit is fully secured,the increase of economic value-added ratio is more likely to promote the growth of the company’s stock return.