摘要
以深交所2007-2009年披露年报的A股上市公司为样本,本文实证研究了我国上市公司信息披露的及时性对抑制信息泄露与内幕交易的现实效果。研究表明,年报披露及时性逐年提高,披露及时性与信息泄露程度显著负相关,及时披露对抑制信息泄露具显著效用;信息质量与及时性在抑制信息泄露方面具协同作用;与信息质量较好的公司比较,信息质量较差的公司因及时披露对信息泄露的抑制效果更显著,表明及时披露在抑制信息泄露方面对信息质量具替补作用。
Based on the study of 2007 to 2009 annual reports release of A-share listed companies in Shenzhen Stock Exchange, this paper investigates the effects of timely disclosure on inhibiting information leakage and insider trading in the new economic transition period. It finds that the timeliness of annual report disclosure has increased gradually, which is significantly negatively correlated with the information leakage, and has a significant inhibition effect on the information leakage. The quality and timeliness of information disclosure have synergistic effects on inhibiting information leakage. Compared to those companies with higher information quality, timely disclosure is more effective for the companies with poor information quality. It shows that timely disclosure can work as a substitute for information quality in inhibiting information leakage, so as to prevent insider trading.
出处
《证券市场导报》
CSSCI
北大核心
2011年第10期11-16,共6页
Securities Market Herald
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
及时性
信息泄露
信息披露
timeliness, information leakage, information disclosure
