中国上市金融企业自愿性信息披露强度研究──来自中国上市银行年报的证据

Research on the Level of Voluntary Disclosure of Chinese Financial Listed Companies──Evidence from Annual report of Chinese Listed Banks

上市公司必须按照监管要求对公司的相关信息进行一定程度的披露,而基于种种原因,上市公司往往会披露多于强制性要求的信息,进行自愿性信息披露。由于银行业的高负债率而导致披露方式与一般行业不同,很多学者往往将其作为剔除数据而少有研究。基于Botosan模型,构建上市公司自愿性信息披露指数,考察了中国金融行业的自愿性披露情况。研究发现虽然中国金融业目前信息披露较为充分,但披露具有一定的倾向性,对一些较敏感信息披露较少。

The information of listed companies must be disclosed in some degree by the laws and the regulations. But some companies choose to do voluntary disclosure which would tell investors more information than requested. The rate of liability in the banking is much higher than other industries which lead the strategy of voluntary disclosure much special. That is why the banking was often expelled in study. Based on the model of Botosan, this article constructs the index of voluntary disclosure and studies the condition of voluntary disclosure of banking in China. Though banking in China is fully disclosed now, some core information was disclosed little.