摘要
系统地分析和实证检验了影响我国上市公司透明度的主要因素。研究表明:违规法律成本并不是抑制我国上市公司低质量信息披露的有效因素,管理者动机、财务状况、公司的环境和特质等是我国目前上市公司透明度的主要决定因素,但公司治理结构的作用却很有限,其中机构投资者、独立董事、其他股东对第一大股东的股权制衡力、流通股等均尚未形成改善公司透明度的治理力量,管理者激励、董事长与总经理两职分离的作用也不显著。
The paper analyzes systematically the determinant factors of corporate transparency. Empirical test proves that transgression cost contributes poorly on decreasing inferior information disclosure for Chinese listed companies, motivations of corporate controllers, financial status, operation environment and firm characters play the main role on Chinese corporate transparency, and corporate governance contributes much less than expectation, especially, institutional investor, independent director, the balance power of other shareholders to the largest, and the proportion of floating share does not help the increasing of corporate transparency, the executive incentive and the post separation between CEO and board directors do not bring in apparent effect. The study provides important empirical evidence for constructing information disclosure policy for Chinese listed companies and regulating domestic capital market.
出处
《软科学》
CSSCI
2008年第5期134-140,共7页
Soft Science
基金
广东省哲学社会科学“十一五”规划项目(06Y002)
关键词
信息不对称
公司透明度
影响因素
information asymmetry
corporate transparency
determinant factors
