【摘要】 以经济增加值作为自愿性信息披露的决策指标,综合考虑产品市场和资本市场,构建成本收益框架下的上市公司自愿性信息披露模型,分析竞争劣势成本和投资者信息解读能力对上市公司自愿性信息披露水平的影响.研究发现,引入资本市场收益后自愿性披露临界水平低于仅仅考虑产品市场的情况;竞争劣势成本的存在使自愿性披露临界水平提高;投资者信息解读能力越高,自愿性披露临界水平越低,披露的概率也增大.最后对上述理论研究结论进行了实证检验.更多还原

【Abstract】 This paper sets up a voluntary disclosure model of cost and benefit about listed companies,in which economic value added(EVA) is taken as measurement index and the product and capital market was considered synthetically,and the effect of proprietary costs and investors information comprehension ability on voluntary information disclosure level is analysed.Through sludging,it is concluded that the threshold level of the disclosure inferred by the model is lower than that of only considerring product markets;proprietary costs makes that threshold level heightness;investors information comprehension ability was negatively related to the threshold level and positively related to disclosure probability.Finally,this conclusion is empirically analysed.更多还原