【作者】 王成；

【导师】 段福兴； 徐晋；

【作者基本信息】 山东理工大学 ， 管理科学与工程， 2007， 硕士

【摘要】 自愿性信息披露是上市公司在满足政府最低限度的强制披露要求以外,为了改善与投资者及其他利益相关者的有效沟通,向市场传递企业价值和未来发展前景而主动披露信息的行为。已有研究主要从外部市场机制角度分析上市公司的自愿披露动机,包括资本成本动机、管理层的股票报酬计划动机、公司控制权市场动机、诉讼成本动机、管理者才能信号传递动机和竞争劣势成本动机等。从上世纪末开始,自愿性信息披露与公司内部治理机制之间的关系逐渐成为自愿披露决策领域研究的重点与前沿。截至目前,公司治理与自愿披露决策之间关系的研究主要来自发达国家或地区。我国学者也开展了一些探索性研究,但尚须扩展和深入。我国上市公司普遍存在大股东控制现象,股权分置改革以后,证券市场将进入依法实施透明度监管的时代,因此,我国上市公司大股东控制下公司治理与自愿披露决策的关系问题应是一个值得研究的重要课题。本文根据Botosan指数和Chau-Gray指数的思路,并结合我国上市公司信息披露制度体系特点形成自愿信息披露指数,然后运用实证研究方法,分析了大股东控制下的公司内部治理机制对自愿披露决策的影响,具体是从股权结构、董事会特征和监事会特征三个角度实证分析大股东控制下公司治理对自愿披露水平的影响。最后提出我国上市公司自愿披露的治理建议,以此为我国上市公司信息披露监管与证券立法、公司治理提供一定的借鉴。更多还原

【Abstract】 In order to improve communication with investors and other stakeholders, to deliver security market information of corporate valuation and prospects in the future, listed companies conduct disclosures voluntarily in addition to mandatory requirement of information disclosure. This active behavior of information disclosure is referred to as voluntary disclosures. The existing researches mainly analyzed motives for voluntary disclosure from the perspective of external market mechanism, including hypotheses of capital cost, capital market transaction, corporate control contest, stock compensation, litigation cost, proprietary cost, and management talent signaling. From the end of the last century, the relationship between voluntary disclosures and corporate governance has gradually become the focus of the field of voluntary disclosure decision.Up to now, the studies on relations between company governance and voluntary disclosure decision are mainly in developed countries and regions. Scholars in our country have done some exploratory studies, but these studies need extending and furthering. The phenomenon of large stockholder control in listed companies is ubiquitous in our country. After the reform of non-tradable shares,the security market of China will enter an era of transparent regulations. Therefore, the research on the relationship between voluntary disclosures and corporate governance would be a valuable issue. This paper designs the scale of voluntary disclosure level based on Botosan Index and Chau-Gray Index, then analyzed the effects on voluntary decision made by companies’internal management mechanisms under the control of large stockholders with empirical research methods. It has analyzed it from the perspectives of share structure, director boards and supervisor boards. In the end, this paper has put forward suggestion on managing voluntary disclosure of listed companies in our country, aiming to provide references for information disclosure supervision and security legislation, company governance of listed companies in our country.更多还原