摘要
本文采用深交所对上市公司信息披露质量的评级作为信息披露质量代理变量,以Jensen指数、净资产收益率、总资产收益率及总资产周转率作为公司绩效代理指标,检验了2002—2005年深市上市公司信息披露质量对公司绩效的影响。研究发现,信息披露质量与公司绩效之间存在显著内在关联性,信息披露质量较高的公司,其市场表现和财务绩效也都较佳。因此,合理引导公司信息披露,对于提升上市公司绩效具有重要导向效应。
In this paper,we choose time range from 2002 to 2005 as the time window,use the companies listed in Shenzhen Stock Exchange as research sample,take the ranking of disclosure quality made by Shenzhen Stock Exchange as the disclose quality variable,Jensen Index,ROE,ROA and assets turnover as the indicates of corporate performance.Combined with other governance variables,we examined the influence of disclosure quality on the corporate performance,the result shows that the quality of disclosure has a significantly positive effect on the performance of a company.Therefore,properly encouraging the disclosure of listed companies is very important to the enhancement corporate performance.
出处
《会计研究》
CSSCI
北大核心
2007年第10期16-23,共8页
Accounting Research
基金
教育部人文社科项目"上市公司信息披露质量和投资者保护研究"(05JC790093)的研究成果
国家社科基金(06CJY038)
国家自然科学基金项目(70303006)的研究资助
