【作者】 李萌；

【导师】 田新时；

【作者基本信息】 华中科技大学 ， 金融学， 2006， 硕士

【摘要】 随着资本市场的不断发展和日益成熟,以及安然、蓝田等事件的相继曝光,投资者更趋于理性,对上市公司信息披露的要求不断提高,强制性信息披露已不能满足投资者多样化的信息需求,要求有更多的自愿性信息披露来提高信息披露质量;此外,在信息不对称的证券市场,为了显示企业成长与核心竞争能力、减少融资成本和获得控制权收益,业绩高、真正有投资价值的上市公司有自愿披露信息的动机;再加上强制性信息披露制度本身存在缺陷性,需要自愿性信息披露的补充和扩展。因此自愿性信息披露问题的研究对于我国股票市场的发展具有特殊的现实意义和理论意义。本文运用经济主体行为最优化与信息经济学方法,利用“逆向选择”模型和“信号传递”模型对自愿性信息披露行为的动因和机制进行了分析,论证了上市公司采取信息公开、分离策略或信息掩饰策略,进行完全性信息披露(full disclose)、部分性信息披露(partial disclose)、信息非披露(nondisclosure)的价值均衡过程。通过构建自愿信息披露指数,基于2002-2003年的中国证券市场分别对全体样本和有外资股的上市公司增加自愿信息披露能否提升公司业绩进行了检验,得出结论自愿信息披露指数与上市公司业绩增长都是相关的,也就是说:增加自愿信息披露能够提升上市公司的业绩。更多还原

【Abstract】 With the further development and growing of the security market and the false information accidents exposed, the investors gradually pay more emphasis on the quality and quantity of information supply in intense competitive stock market. The compulsive laws and regulations is not enough for the demand′s diversity of investors, voluntary disclosure is needed to supply and expand. To distinguish from the bad performance corporations and reduce the agency cost, the better ones have the incentive to disclose information voluntarily in asymmetric information conditions. What’s more, there are such limitations in compulsive disclosure system that it is needed voluntary disclosure to supply and expand. The research on Voluntary Information Disclosure is come into being under such background.Based on the methods of optimization of economic agent behaviors and the methods of information economics, this dissertation utilizes the reverse choices model and signal transmission model to the motives and mechanism of voluntary information disclosure. The corporate may adopt the full disclosure,partial disclosure and nondisclosure respectively with strategies of disclosing information,separating information and hiding information to realize the corporate value equilibrium.Does increment of information disclosure enhance corporate performance? We construct the voluntary disclosure index and make an empirical study on stock market both at home and broad during 2002-2003. The results show as follows: the extent of voluntary information disclosure and the growth of performance are relevant for these two kinds of corporations; in other words, increment of information disclosure can enhance corporate performance.更多还原