【作者】 闫翠芬； 毕茜；

【Author】 Cuifen Yan&Qian Bi (Economics and Management School of the Southwestern University Chongqing 400716)

【机构】 西南大学经济管理学院；

【摘要】 本文以信息披露监管违规公司的处罚公告为切入点,从信息披露监管外部性的角度,研究信息披露监管的有效性。使用2007-2011年中国上证A股上市公司中符合选样要求的1704家公司为例结合Basu模型,运用事件研究方法和多元回归方法得出一系列研究结论:同行其他公司对处罚公告产生显著的同行信息传递效应,并且信息传递效应与会计信息质量正相关;同时,还发现会计信息质量的改进与同行公司对处罚公告的市场反应显著负相关,说明信息披露监管的外部性对公司信息披露行为有显著影响,使同行公司管理者在这一过程中产生显著的市场学习行为。更多还原

【Abstract】 Using the punishment announcements of the disclosure irregularities between 2007 and 2011 for a sample of Chinese public companies,this study that examines the effectiveness of disclosure regulation from the point of externalities.The sample consists of 1704.By using the Basu mode land the event study and the multiple regression method,we can reach a series of conclusions:Empirical results show that intra-industry competitors have the significant information transfer effects to the punishment announcements,and the information transfer effects have the significantly positive relation with the accounting information quality.What is more,the improvement in the quality of accounting information has the significantly negative relation with the market reaction to the punishment announcements’which suggests the externalities of disclosure regulation have the significant effect on corporate disclosure.From this study we find managers of intra-industry competitors have the significantly learning behaviors from market.更多还原