【作者】 朱晓菁；

【导师】 顾晓敏；

【作者基本信息】 东华大学 ， 企业管理， 2007， 硕士

【摘要】 当代社会是一个信息的社会，上市公司对外披露的相关信息是连接上市公司和证券市场的桥梁和纽带，上市公司信息披露水平将直接影响信息使用者的决策以及证券市场能否正常、有效的运行和发展。然而，上市公司是否有动机为信息使用者自愿披露更多信息?并且是什么因素影响了上市公司自愿性信息披露的水平?为了对这些问题进行合理的探讨和分析，将采用理论分析与实证研究的方法，阐述自愿性信息披露的内容及特点、自愿性信息披露的动因分析、并通过实证研究重点分析影响上市公司自愿性信息披露水平的相关因素。首先，阐述了国内外自愿性信息披露的主要内容以及自愿性信息披露的主要特点，并将自愿性信息披露与强制性信息披露进行了比较分析。其次，分析了自愿性信息披露的理论动因和市场动因，以及自愿性信息披露的效益与成本。再次，借鉴国内外相关文献的研究方法和结论，结合我国具体情况，采用多元回归分析方法对自愿性信息披露水平的影响因素进行实证研究。本文选取沪市250家上市公司作为研究样本，用自愿性信息披露指数来衡量上市公司自愿性信息披露的水平。同时构建了包括战略信息、非财务信息、财务信息的自愿性信息披露指数表，且选取了流通股占总股本比例、股权集中度、独立董事人数、独立董事占董事会比例、审计委员会、发行股票的类型、行业类型、会计师事务所类型、公司规模、公司盈利水平、公司负债程度、公司成长性、公司利润分配政策作为影响自愿性信息披露水平的因素。回归结果证明独立董事人数、审计委员会、发行股票的类型、行业类型、公司规模、公司盈利水平对自愿性信息披露水平有着显著的影响。此外，对战略信息、非财务信息、财务信息的自愿性信息披露水平及其影响因素进行了分类回归统计，进一步分析了各个影响因素对自愿性信息披露水平的影响程度，这亦是研究的创新点所在。研究发现回归结果与总体自愿性信息披露水平的回归结果存在一定的差异：独立董事仅与战略信息披露水平存在显著相关关系；审计委员会、行业类型仅与战略信息和财务信息的披露水平存在显著关系；发行股票类型仅与战略信息与非财务信息存在显著关系；而公司规模与公司盈利水平未与战略信息、非财务信息及财务信息的披露水平存在显著相关关系，并进一步分析了差异存在的原因。最后，利用回归分析结果，并结合我国证券市场的具体情况，分别从完善上市公司治理机制，加强外部监管机制，提高投资者素质，构建强制性披露与自愿性披露相结合的上市公司信息披露体系以及完善自愿性信息披露的保障机制这几个方面提出了提高我国上市公司自愿性信息披露水平的相关建议。更多还原

【Abstract】 Now the society is full of different kinds of information, the information disclosed by the listed company is connecting the listed companies and the securities market. So the level of information disclosure directly effects on the decision of the investors and whether the securities market can effectively operate or not. However, do the listed companies have enough motivation to make the voluntary disclosure? Which factors have effect on the voluntary disclosure? The general idea of the thesis is to research these questions analytically and empirically. There are three parts in the thesis: the contents and the characteristics of the voluntary disclosure information, the motivation of the voluntary disclosure information, and the empirical study of the factors of the voluntary disclosure.Firstly, the thesis expatiates on the contents and the characteristics of the voluntary disclosure information, and makes the comparison between obligatory disclosure information and voluntary disclosure information.Secondly, the thesis analyses the motivation of the voluntary disclosure information, and the profit and cost of the voluntary disclosure information.Thirdly, multivariate regression is employed to research the factors of the voluntary disclosure lever. The sample of the research comprises 250 companies listed on the Shanghai Stock Exchange. And the thesis adopts the index of voluntary disclosure which includes strategic information, non-financial information and financial information to scale the level of voluntary disclosure. And also the thesis chooses tradable ownership, concentration of ownership、independent directors , the existence of an audit committee, issue type, industrial type, auditor type, size, profit, leverage, growth and dividend policy as independent variables, which effect on the voluntary disclosure. The results of the research are summarized below: in regression analysis about whole sample group, independent directors, the existence of an audit committee, issue type, industrial type, the size and the profit of the company are significantly influencing the level of voluntary disclosure. Moreover the multivariate regression is employed to research the factors of voluntary strategic information, non-financial information and financial information disclosure levels, which is the creative point of the thesis. The results of the research are different from the front results: independent directors is only positively related to the strategic information disclosure level, the existence of an audit committee and industrial type are only significantly influencing the level of strategic information and financial information disclosure, issue type is only significantly influencing the level of strategic information and non-financial information disclosure, but the size and the profit of the company are not related to the level of strategic information, non-financial information and financial information disclosure.Finally, based on the results of the studies, the thesis puts forward some advice for improving voluntary disclosure information level, such as improving corporation ownership structure, strengthening the external supervision mechanism, improving the qualities of investors, established the information disclosure system consisting of obligatory disclosure and voluntary disclosure information and improving the supporting mechanism of voluntary disclosure information.更多还原