上市公司财务信息自愿披露指数实证研究

EmpiricaI Study on Index of Voluntary Corporate Disclosure

研究表明,上市公司财务信息自愿披露程度随时间有明显的增加,样本公司的平均披露分数随时间而增加,而且对同质和非同质样本统计上都是显著的,中后期比早期披露程度更高。

In order to obtain cheaper finance, listed companies tend to diminish the information asymmetry between retail investors and institutional investors with increasing information disclosure on a voluntary basis. With selected samples and by means of statistical analysis, this paper is a study of voluntary disclosure during 1996 to 2001. The result shows that this practice depends so much on corporate size and shareholder mix and improvement is obvious over time.