【摘要】 本文从企业内部治理水平视角分析了企业信息披露质量对出口产品质量的影响,结合信息不对称下的逆向选择和道德风险理论进一步分析企业信息披露质量影响出口产品质量的两大途径。通过匹配合并2007—2013年中国海关进出口贸易数据、万得(Wind)上市公司财务数据及深圳证券交易所信息披露考评指数,以深圳证券交易所A股制造业上市公司为研究样本,本文研究发现:企业信息披露质量会显著影响企业出口产品质量,且这种影响在企业、行业、地域层面存在显著的异质性;高质量信息披露通过缓解事前信息不对称及事后信息不对称,能有效降低企业外部投资者的逆向选择风险和企业内部的双向道德风险,从而以降低融资约束和提高人力资本质量渠道显著改善企业出口产品质量。在开展了双向因果内生性检验,改变企业出口产品质量测算方法和剔除特殊样本等各种稳健性检验后结论依旧成立。本研究表明,内部信息披露管理是提升企业出口产品质量的重要着力点,在我国从贸易大国转向贸易强国中需要进一步增强企业信息披露制度管理。更多还原

【Abstract】 Based on the perspective of enterprise internal governance level,this paper analyzed the impact of the quality of enterprise information disclosure on the quality of export products,and examined its possible mechanisms by combining the theory of adverse selection and moral hazard,which was developed for information asymmetry. By matching and merging the trade data of China Customs,the financial data of Wind listed companies and the information disclosure quality rating index released by Shenzhen Stock Exchange from 2007 to 2013,this paper took A-share manufacturing companies listed in Shenzhen Stock Exchange as the sample. The results show that,by alleviating ex-ante and ex-post information asymmetry,and reducing the adverse risk of external investors and the two-way moral hazard of enterprises,high-quality information disclosure can significantly improve the quality of export products through the channels of easing financing constraints and improving human capital quality. In addition,the impact of information disclosure quality on the quality of export products has significant heterogeneity at the enterprise-,industry-,and regio-level. After solving the potential endogenous problem of two-way causality,measuring the export products quality by substitution variables,and deleting special samples,the core conclusion of our paper is still robust.更多还原