摘要
目前,国内尚无文献探讨客户信息这种特殊的自愿性披露内容,并实证检验自愿性信息披露的专有化成本假说。文章通过手工收集2007-2011年制造业A股上市公司的客户信息数据,探讨了专有化成本对公司客户信息披露决策的影响。结果表明:(1)专有化成本与客户信息自愿披露水平整体上显著负相关,即专有化成本越高,公司披露客户明细金额和具体名称的意愿越弱,尤其是不愿披露客户名称;(2)行业集中度越高、对客户的依赖性越强,披露客户信息的专有化成本就越高,公司也就越不愿披露客户详细信息;(3)资本市场收益会削弱专有化成本和客户信息披露水平之间的负相关关系,说明信息披露决策是权衡披露成本和收益后的结果。
At present there is no study on customer information,one special type of voluntary disclosure and also empirical test of the hypothesis of proprietary costs of voluntary information disclosure in China.By hand-collected customer information data of Ashare listed companies in manufacturing from 2007 to 2011,this paper investigates the influence of proprietary costs on customer information disclosure decision-making.It reaches the conclusions as follows:firstly,proprietary costs as a whole are negatively correlated with the level of voluntary disclosure of customer information,namely higher proprietary costs lead to less willingness to disclose customer amounts and special names,especially customer names;secondly,higher industry concentration and stronger dependence on customers lead to higher proprietary costs of disclosing customer information,thereby resulting in weaker willingness to disclose detailed customer information;thirdly,returns in capital markets weaken the negative correlation between proprietary costs and customer information disclosure,showing information disclosure decision-making as a result of the tradeoff between disclosure costs and profits.
出处
《财经研究》
CSSCI
北大核心
2014年第12期27-38,共12页
Journal of Finance and Economics
基金
国家自然科学基金面上项目(71172221
71472188)
关键词
专有化成本
资本市场收益
自愿性披露
客户信息
proprietary cost
return in capital market
voluntary disclosure
customer information
