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上市公司资本结构对自愿性信息披露的影响分析 被引量:1

An Analysis on the Effect of Capital Structure of Listed Companies on Voluntary Information Disclosure in China
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摘要 通过建立多元线性回归模型研究了资本结构对上市公司自愿性信息披露的影响,并以2008年我国沪市上市公司为样本进行了实证检验。研究发现:短期财务杠杆、总财务杠杆与上市公司的自愿性信息披露指数没有显著的正相关关系;短期财务杠杆对自愿性信息披露的影响幅度高于总财务杠杆,但两者的参数估计都比较小。这种实证分析的结果与我国目前的现状相符,与我国上市公司股权融资偏好和证券市场发育尚不完善有关。 An empirical research has been conducted on linkage between capital structure and voluntary information disclosure from short-term financial leverage,total financial leverage by employing multivariate linear regression. The research randomly selects 104 listed companies’2008 annual financial reports in Shanghai Stock Exchange. Empirical study shows that there is no positive and highly significant association between short-term financial leverage,total financial leverage and voluntary information index,and the magnitude of the short-term financial leverage on the impact of the voluntary information disclosure is higher than total-term financial leverage. Such empirical results of the analysis are related to the equity financing preference of listed companies and the imperfect stock market growth in China.
作者 李高雅
机构地区 贵州财经学院
出处 《华北水利水电学院学报(社会科学版)》 2010年第2期49-51,共3页 Journal of North China Institute of Water Conservancy and Hydroelectric Power(Social Sciences Edition)
关键词 自愿性信息披露 资本结构 短期财务杠杆 总财务杠杆 the voluntary information disclosure capital structure short-term financial leverage total financial leverage
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参考文献4

  • 1Chow C W,Wong B.Voluntary financial disclosure by Mexican corporations[J].The Accounting Review,1987,62,(3).
  • 2Simon S M,Wong K S.A study of the relationship between corporate governance structures and the extent of voluntary disclosure[J].Journal of International Accounting,Auditing & Taxation,2001,(10).
  • 3Chau G K,Gray S J Owner ship structure and corporate voluntary disclosure in Hong Kong and Singapore[J].The International Journal of Accounting,2002,(37).
  • 4陈晓红,林莎.企业治理结构和自愿性信息披露关系的实证研究——基于中小上市公司的经验分析[J].经济与管理研究,2009,30(5):109-116. 被引量:12

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