公司信息披露质量对投资者交易行为的影响——基于对深圳上市公司的经验分析被引量：5

The Effects of Corporate Information Disclosure Quality on Investor Trading Behavior ——An Empirical Study Based on Shenzhen Stock Market

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摘要本文在控制样本自选择偏误的基础上,实证分析了我国上市公司的信息披露质量差异对投资者交易行为的影响。研究发现,投资者在关于股票价格和风险的交易决策时对不同信息披露质量的公司具有行为差异,高披露质量的公司有较低的信息成本和市场风险;但是,公司信息披露质量高低对投资者的股票交易数量、交易速率的影响尚不显著,且不知情者"跟随"交易现象明显,市场投机氛围重,表明我国证券市场的有效程度尚待提高。本研究为规范和引导我国上市公司的信息披露行为及健全证券市场制度提供了经验证据。 Based on controlling self-selection bias, this paper investigates the effects of information disclosure quality cross-sectional difference among listed companies in China on investor＇s trading behavior. The results show investors have different behavior when making decision on stock price and trading risk control for companies with different disclosure levels, companies with higher disclosure quality get lower information cost and market risk therefore. However, corporate disclosure quality does not apparently affect stock trading volume and trading rate, the uninformed mainly trades following informed investors, speculation hovers over Chinese stock market, which means the effectiveness of our capital market shall be improved concretely. The findings provide implications for the disclosure regulation and capital market improvement.

作者张程睿

机构地区华南师范大学经济与管理学院会计系

出处《南方经济》 CSSCI 北大核心 2008年第4期53-65,共13页 South China Journal of Economics

基金广东省哲学社会科学"十一五"规划基金项目(批准号:06Y002) 华南师范大学博士启动基金的资助

关键词公司信息披露质量信息不对称投资者行为 Corporate Disclosure Quality Information Asymmetry Investor＇s Trading Behavior

分类号 F830.91 [经济管理—金融学]

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