摘要
本文分析和检验了影响我国上市公司信息披露的内部人动机,以及公司治理结构对内部人基于私利动机操纵信息披露的约束效力。对2001～2006年深圳上市公司的实证研究表明,内部人的利益驱动对信息披露质量有重要影响。然而我国上市公司治理结构对内部人信息操纵的约束力度较小,表现为法制约束有限,违规成本较低,机构投资者、董事会没有起到显著的监督和制约作用。但更严格的监管、更高程度的市场化环境、对第一大股东的股权制衡、管理层持股、控股股东的国有性质等却有助于信息披露质量的提高。
Insider motivation that affects the quality of information disclosure of listed compnies in China is systematically analyzed and tested, to which the constraint of corporate governance structure is also addressed. The empirical analysis on Shenzhen list companies from 2001 to 2006 shows that, the insider＇s benefical motivation has great impact on information disclosure quality, but listed company＇s governance in China has low restriction on insider＇s information control, which is shown as insufficient legal restriction, low transgression cost, deficiency of supervision and restriction of institutional investor and board of directors ; however, better supervision, better marketing environment, cheek - and - balance ownership structure to the first shareholder, managerial ownership and state - owned identity of controlling shareholder can help improve information disclosure quality.
出处
《经济与管理研究》
CSSCI
北大核心
2010年第5期10-18,共9页
Research on Economics and Management
基金
广东省哲学社会科学"十一五"规划基金项目(08Y004)
教育部人文社会科学青年基金项目(09YJCZH048)的阶段性成果
关键词
投资者保护
信息披露质量
内部人动机
公司治理
Investor Protection
Information Disclosure Quality
Insider Motivation
Corporate Governance
