摘要
信息披露和财务透明性不仅影响着投资者的价值判断和决策,同时也会影响到债权人等利益相关者。未按规定及时、准确、完整地披露信息是目前我国上市公司信息披露最为严重的问题。本文借鉴中外有关上市公司信息披露的研究成果和法律法规,以信息透明度为核心选择信息披露完整性、真实性、及时性三项评价指标,依据实证调研的数据对上市公司信息披露的真实性、及时性和完整性进行评价并得出信息披露指数(CCGINIDKI)。进一步的实证研究发现,信息披露机制虽然对于企业业绩和企业价值有一定的提升作用,但是并不是特别显著。其中的原因可能是上市公司信息披露机制本身相当薄弱,尚处在建立健全阶段,还不足以对上市公司企业业绩和企业价值产生全面而且显著的影响,因此,我国上市公司亟待建立和完善信息披露机制,以此提升整体公司治理绩效,提高公司业绩和价值。
Information disclosure and information transparency influence both investors, value judgments and decision-making, and stakeholders, such as creditors. It is the most serious problem that Chinese listed companies don,t disclose information timely, correctly or completely according to relevant regulations. The paper, based on some researches and laws and regulations about information disclosure of listed companies, chooses completeness, authenticity and timeliness of information disclosure as appraisal index with the core of information transparency, and gets CCGINKIDI after appraisals for completeness, authenticity and timeliness of information disclosure of Chinese listed companies on the basis of data from empirical investigations. The further empirical researches show that information disclosure mechanism improves corporate performance and value to a certain degree, but not very significantly because information disclosure mechanism is still in the initial stage and so weak that it hasn,t comprehensive and significant impact on corporate performance and value. So it is urgent for Chinese listed companies to construct and meliorate information disclosure mechanism to enhance corporate governance performance, corporate performance and corporate value.
出处
《管理评论》
2005年第10期8-15,33,共9页
Management Review
基金
国家自然科学基金项目(70272026
70372028)
国家社科基金项目(02BJY127)
高等学校优秀青年教师教学科研奖励基金项目
南开大学"211工程项目"
南开大学"985项目"
