关税削减、产品市场竞争与上市公司信息披露质量

Tariff Cut,Product Market Competition and Information Disclosure Quality of Listed Companies

进口商品关税削减能够增强进口商品的竞争力,因此加剧了本国同行业产品的市场竞争程度。本文选取2002—2012年沪深A股上市公司为研究对象,利用面板数据模型和双重差分(DID)方法研究显著关税削减对公司信息披露质量的影响并分析产品市场竞争起到的中介作用。实证结果发现,当受到显著关税削减所造成的外部经济冲击时,公司的信息披露质量会显著下降。接着,将上市公司按市场集中度划分为子样本后发现,竞争程度较高行业中的公司信息披露质量,在受到显著关税削减造成的外部经济冲击时下降得更为明显。进一步运用中介效应模型研究发现,产品市场竞争在显著关税削减对公司信息披露质量的影响中起到了一定的中介作用。本文的研究结果为公司的策略性信息披露行为提供了经验证据,同时对信息披露质量的相关文献做出了重要补充。

Tariff of imported commodities could enhance their competiveness,and thus intensify the degree of competition for domestic commodities in the same industry.This paper investigates the impact of significant tariff cut on the firms’information disclosure quality,and also examines the mediation effect of product market competition with the panel data model and difference-in-difference method,taking the listed companies in Shanghai and Shenzhen stock exchanges for the period from 2002 to 2012 as the sample.The empirical results show that the firms’information disclosure quality will decrease significantly if they are affected by the shock of significant tariff cut.Next,we divide the whole sample into two subsamples by the market concentration degree.It is found that the information disclosure quality of the firms in the industry with higher competition degree will be decreased by a larger degree.Furthermore,the results from the mediation effect model discover that the product market competition plays a role of mediation variable.The findings in this paper provide some evidences on the strategic information disclosure of firms,and also extend the literature related to information disclosure quality.